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Article: Leviev pounces to rescue Namco ...(International Pages)(Brief Article)
- Article from:
- Mining Journal
- Article date:
- March 30, 2001
CopyrightCOPYRIGHT 2001 Mining Journal Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Israeli-based diamond merchant and financier, Lev Leviev, has agreed to invest US$15 million in the financially-distressed marine diamond producer Namibian Minerals Corp. (Namco). The latter ran into cash-flow problems when its main seabed mining machine (NamSSol) was badly damaged during operations, before its second-generation machine had been fully commissioned. An equity financing designed to provide working capital was cancelled when the company failed to agree terms with its bankers, in particular the bankers were unwilling to release security over another of Namco's marine diamond vessels, the MV Ivan Prinsep, to allow its sale, and Namco was obliged to put its ...