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ULTRA DEEP WATER CONCESSIONS
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Key Facts
Location:
South Africa
Commodities: Diamond, Phosphate Rock
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Comparable Properties |
Latest Information  October 20, 2004 Diamond Fields has entered into a two-year lease with an option to purchase a new marine sampling and mining technology, the Sea Diamond Miner, designed and built in South Africa. Under the terms of the deal, Diamond Fields must pay a license fee for two years and can acquire full ownership of the patent for the tool by paying USD400,000 in a combination of stock and cash within 2 years of the agreement. Initial sea trials indicate the tool has exceptional excavation capability and creates an autogenous abrasive action that can cut semi indurated clay and sand horizons providing access to the diamonds trapped beneath such false footwall horizons that are largely unrecoverable by current mining technologies. The tool is lightweight and can be deployed from vessels across the spectrum of marine diamond mining in water depths between 10 m and 200 m. |
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