Namibian investment company Trustco suspends operations at NNDC
Namibian investment company Trustco’s tilt into the diamond mining sector is finding operational traction elusive. On Thursday, the company announced it had temporarily suspended diamond mining at the Northern Namibia Development Company (NNDC), as well diamond polishing operations at Morse Investments, pending the granting of a long-awaited mining licence. In 2015, Trustco — with operations in insurance, banking, education and property — proposed paying R3.6bn for the diamond mining and polishing assets held under Huso Investments in a related party deal. The deal is due to be settled by a staggered issue of Trustco scrip based on profit performance. The vendor is Trustco CEO and majority shareholder Quinton van Rooyen. In a commentary accompanying interim results to end-September, Trustco indicated that mining and polishing activities would be suspended until the mining licence had been secured from Namibia’s ministry of mines and energy. Trustco said the NNDC had received a "prep...
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