Namakwa Diamonds reported that its interim fiscal-year revenue fell 41 percent year on year to $51.02 million for the 12 months that ended on August 31, following the reduction of third party trading and increased contributions from the Kao mine in Lesotho. However, Namakwa Diamonds reduced its loss 47 percent to $41.2 million.

During the fiscal year, Namakwa repaid $40 million to Jarvirne and $10 million to Sputnick for separate credit facilities from the proceeds of $55.73 million raised in an open share offering in June. At the close of the period, the diamond miner had approximately $14 million in cash on hand compared with $2.3 million one year earlier.

The company's Lesotho operation commenced commercial diamond production on March 1, where it subsequently produced 121,521 carats and sold 87,010 carats at an average price of $283 per carat.

Namakwa Diamonds restructured its operations in South Africa, but ultimately it produced 23,830 carats of which 21,054 carats were sold at an average price of $919 per carat.

The company's resource base was updated as well and is now comprised of approximately 18.5 million carats of which 11.6 million carats is attributed to the Kao resource, according to the mining company.



Theo Botoulas, Namakwa's chief executive, said, ''Our objective this financial year has been to establish sustainability at the core of the company to ensure future success with our operations. The main aims were to cut costs, establish Phase 1 production of the Kao mine and restore the company to profitability. I am pleased to report to shareholders that we have indeed made considerable progress to achieve these goals, ensuring we are in good stead for the coming year to deliver quality production in fiscal year 2013.''