Diamond Fields International (DFI) said it is set to resume mining off the coast of Namibia next year.
It said that the International Mining and Dredging Holdings (IMDH) had agreed to an initial mining programme on its ML 111 licence and would extend over a sea floor area of approximately 55 hectares.
"We are extremely excited at the prospect of being back in production in the very near future. Our product is recognized throughout the world for its exceptional quality, being 98% gem and we look forward to bringing this niche product back to the market again,” said DFI chief executive Sybrand Van De Spuy.
“This programme will provide our company with the opportunity to generate significant cash-flow in short order."
The mining programme would be executed using the state of the art Ya Toivo mining vessel which was equipped with a four point-mooring-system integrated anchor-assist and a dynamic positioning (DP2) system which ensures vessel stability during turbulent sea conditions.
The vessel was further equipped with a remotely operated subsea tractor, capable of highly efficient and selective mining on the sea floor.
DFI also said it had further concluded discussions with IMDH regarding its share of the 2016 bulk sampling programme.
The results from the bulk sampling programme were “extremely encouraging”, with an unexpected high frequency of large, high value stones, it said.
DFI also said that the diamonds recovered from the ML 111 licence were typically of the highest gem quality, but recent bulk sampling results had exceeded their expectations.