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Namakwa says January output 50% below forecast

Namakwa Diamonds Ltd said power outages, coupled with the unusually high rainfall had a negative impact on production at its four alluvial mines in the North West Province of South Africa in January, resulting in a 50% cut in the budgeted carats for the month at 1,116 carats. But the company, which recently listed on the London Stock Exchange, said it is optimistic about the medium term price forecast for the higher quality diamonds on which the company focuses. In a statement, it said prices continued to increase in high quality diamonds with prices for 5 carats and larger increasing substantially more than prices for smaller, lower quality diamonds. In its outlook, the company said: “Namakwa remains committed to reach its stated operational and financial targets by partially offsetting the impact of heavy rain and power outages by increasing operational flexibility amid the strong diamond pricing environment.”

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