LONDON (ShareCast) - Diamond miner Namibian Resources pulled itself off a 10-month low today after announcing its first ever profit, with sales also well up on last year.

The group reported a small profit of £9,016 for the six months to 31 August against a £197,227 loss a year earlier. Sales leapt to over £294,000 from just £21,500 in 2004.

Production in the first half averaged 546 carats per month, with the average stone size up from 15 carats to a peak of 66 carats.

Current production in terms of size and grade is fully up to expectations, said Namibian.

Chairman Lord Sheppard said, “I am delighted to report a small profit for the first time in the history of the company and these results fully justify our faith in the resource.”

“Whilst these results show only a modest profit, the work and effort put in to overcome initial operational difficulties have now established a sound basis for solid and steady development for the future.

Sheppard is to visit the mine on 17 October to reassess the West Saltztal, identify sampling areas on the East Saltztal and develop a mining plan for 2006.

He will also give consideration to proceeding with a second 10 ton per hour plant and additional in field screen by the end of 2005.

• News Channel