Following the resignation through ill health of Lord Sheppard and Tony Carlton, Brian Moritz has taken over as chairman. The other directors, Mike Solomon and David Johnson, have wide experience of mining and mining finance in Southern Africa, and are resident in South Africa, as is the Group’s geological consultant, Wiaan Basson.
These circumstances have resulted in a rethink of the Group’s strategy, with a result that new projects are being evaluated in South Africa. The board believes that the Group’s resources would be better employed in that country rather than in Namibia, and steps are therefore under way to disengage from Sonnberg following a review of the finances of the Sonnberg operation.The intention of the directors is to focus the Group’s resources on a mining project with a modest capital requirement and a short lead time to being cash flow positive. This is likely to be in mining either copper or coal rather than diamonds.
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