August 1, 2012 / 9:06 AM / 5 years ago

Namakwa Diamonds cut production forecast for key mine

Aug 1 (Reuters) - Namakwa Diamonds Ltd lowered the production forecast for its key mine in the southern African country of Lesotho for the second time, citing unspecified “operational inefficiencies.”

The company, which has a 62.5 percent stake in the Kao kimberlite mine, cut its 2012 production forecast to 120,000 carats from 150,000 carats.

Namakwa, which started commercial production from Kao mine in March, had cut production targets in May.

Chief Executive Theo Botoulas started a technical review of all operations, with primary focus on the Kao mine, after his appointment last month.

Namakwa shares were down 8 percent at 3.41 pence on the London Stock Exchange on Wednesday.

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