Company Information for DiamondCorp Plc

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Company Statement
DiamondCorp plc is an emerging diamond producer focused on maximising shareholder value through the development of high margin diamond production assets.
The company is incorporated in the UK and the highly prospective diamondiferous regions of South Africa and Botswana are its chosen areas of operation.
DiamondCorp's shares trade on the AIM Market of the London Stock Exchange and Johannesburg Stock Exchange.
Current Operations
The Lace Project
DiamondCorp acquired the surface and sub-surface prospecting rights to the Lace property, some 200km south-west of Johannesburg, near the town of Kroonstad in the Free State Province. Additionally, the Company has the prospecting rights over two other properties, namely the Silverbank and the Moregroet, both of which adjoin the Lace property.
The initial strategy of the company is to exploit the Lace property and its surrounding areas in a two-phase approach: first the treatment of existing tailings on the Lace property and secondly the sinking of a decline shaft into the unmined portion of the Lace satellite pipe.
Tailings retreatment
During 2008, re-treatment of the Lace tailings continued with 803,810 tonnes treated for the recovery of 50,521 carats of diamonds, approximately 70% of which were gem quality. Recovery for the period averaged 6.28 cpht, lower than initially expected but the commissioning of a new vertical spindle impact (VSI) crusher in October 2008 improved recoveries to 7.23 cpht in the fourth quarter.
Recoveries included a 17.72 carat stone and a 13.81 carat stone. The diamonds recovered for the tailings treatment operation are above world average in terms of colour and quality.
Falling diamond prices during the fourth quarter have since rendered re-treatment recoveries uneconomical and consequently tailings retreatment has now ceased. However, the plant has been reconfigured for kimberlite processing. Tailings re-treatment will commence when diamond prices recover.
Underground project
The accelerated underground development plan (Phase 2) involved the sinking of a new 4m x 4m decline between the Lace pipes and the existing 6m x 2.7m vertical shaft, which is in the process of being refurbished in order to access kimberlite below the -240m level.
The decline accessed the Satellite pipe in Late 2008 and successfully holed through the side wall of the main Lace pit in early January 2009 to provide ventilation to the mine.
DiamondCorp has been granted a mining right for the Lace underground development by the Department of Minerals and Energy, which was executed on 5 February 2009. When Satellite pipe grades allow for profitable mining at current market prices, mining of the Satellite pipe will continue until Main pipe material is accessed.
Botswana Exploration Joint Venture
DiamondCorp has entered into an exploration joint venture in Botswana with exploration company Geoperspectives (Pty) Limited. The agreement sees DiamondCorp earn a 77.5% interest in three diamond exploration licences in an area totaling 109.2km², and containing nine identified kimberlites. DiamondCorp can earn a controlling stake in the joint venture by completing a definite feasibility study within a period of five years.
The primary exploration target, kimberlite J-01 is situated approximately 8km southeast of De Beers' Jwaneng Mine within Licence PL071/2007. Previous exploration indicates that J-01 has a possible size of 9,9ha and a potential grade of 35 cpht.
An initial work programme for the Botswana joint venture area is currently being prepared.
Geographical Spread
South Africa
Board of Directors and Key Management
| Directors | |
| Euan A. Worthington | Non-Executive Chairman |
| Paul R. Loudon | Managing Director & Chief Executive Officer |
| Nicholas Allen | Non Executive Director |
| John Forrest | Chief Financial Officer |
| Robin Leonard Henshall | Non Executive Director |
| Dr Jonathan Willis-Richards | Non Executive Director |
| Management | |
| Pulane Kingston | Non-executive Director |
| Paul Loudon | Managing Director |
| Paul Sharples | Head of Mining |
| Steve West | Head of Business Development |
| John Forrest | Finance Director |
| Gert (Gerry) Robbertze | Non-executive Director |
| Ronald Makomva | |
| Karishma Sewpersad |
Company AddressFirst Floor
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Additional Address/Key ContactInvestors & media |
CapitalExisting Shares 47,231,995 Fully diluted 56,570,323 |
Annual General MeetingLondon | Year End31 December |
Nominated BrokersCenkos Securities Limited | Nominated AdvisorsCenkos Securities Limited |
Major Shareholders
| Shareholder | No of Shares | % |
| European Islamic Investment Bank plc | 10,720,555 | 22.77% |
| Management, directors and founders | 7,038,031 | 14.95% |
| JPMF Natural Resources Fund | 4,705,000 | 9.99% |
| MLP Investments (Caymans) Ltd | 4,375,000 | 9.29% |
| Aktiva Diversified Holdings Ltd | 3,375,000 | 7.16% |
| Lynville Holdings Limited | 1,500,000 | 3.18% |
Related News
11/02/10 - Diamondcorp Goes In Search Of Funding To Restart Redevelopment At The Lace Mine In South Africa18/11/09 - Diamondcorp Goes Hunting Kimberlites In Big Game Country
02/07/09 - Diamondcorp Looks To The Longer Term Upside, As Short Term Production Targets Slip Away
01/04/09 - Diamondcorp Moves To Within An Ace Of Production At The Lace Project In South Africa
28/01/09 - Even In The Face Of The Current Hostile Diamond Pricing Environment, Diamondcorp Is Fully Funded Through To Profitability
17/06/08 - Diamondcorp Could Be A Natural Bolt On Acquisition For Existing Producers
Most Recent Statement
12/02/10 - Appointment of Joint Broker10/02/10 - Market Update
21/01/10 - Issue of Equity
08/01/10 - EGM Statement
16/12/09 - Notice of EGM
24/11/09 - Drilling Update


