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Namdeb diamond sales down 9 percent

August 20, 2007

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Windhoek, Namibia—The Namdeb Diamond Corp., equally owned by the Government of Namibia and De Beers, announced its interim results for the first six months of 2007, reporting sales revenue was down by 9 percent to approximately $313 million, versus approximately $354 million for the same period last year.

Namdeb Managing Director Inge Zaamwani-Kamwi said carats sold are slightly ahead of the first half of 2006, thanks to increased land production and favorable timing in the in-port periods of the marine vessels.

A price correction in the rough-diamond market during the second half of 2006 was cited for the revenue decrease. Profits before tax were up 17 percent, due to the decrease in prospecting charges and other operating expenses.

Prospecting and research and development costs were down for the first half, since marine dredging project expenses from 2006 were not repeated this year.

Other operating expenses were down due to the new sales agreement that came into effect this year, which led to the establishment of the Namibia Diamond Trading Co. (NDTC), a 50:50 joint-venture marketing company responsible for valuing, sorting, selling and marketing Namdeb's production.

The company expects net profit for the full year to be lower than in 2006. The main reasons for this are the timing of the marine vessels in-port periods, a recent fire at the No. 3-Plant and the timing of major projects.
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