Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

African Diamonds notified of De Beers reducing stake to 4.5 pct from 5.8 pct

African Diamonds PLC (AIM: AFD)  said it has today received  notification sent by letter, dated 8 March 2010, to its Dublin office that on 4 March 2010, De Beers SA reduced its holding in the company resulting in the crossing of a threshold of greater than 1 percent.

Its holding in African Diamonds is now reduced to 4.5 percent from 5.8 percent.

African Diamond’s AK6 project in Orapa, Botswana, is being developed through a joint venture between African Diamonds and Lucara Diamond Corp (TSX-V: LUC), an associate of Lundin Group. African Diamonds currently has a 30% interest in the project and Lucara owns the remaining 70%.

Last month, African Diamonds received the latest valuation of diamonds from its AK6 mine in Botswana, and at US$162 a carat, the valuation exceeded the company’s previous projections. Furthermore the valuation is US$23 per carat higher than prices used in the current AK6 development studies. The new valuation also indicates the possibility of a US$200 per carat value at production.



Register here to be notified of future AFD Company articles

Timeline

View All

Related Articles

Stellar Diamonds is advancing two diamond projects with multi-million carat potential to production in West Africa, with a focus on imminent trial mining at Baoulé to generate early cash flow.

© Proactive Investors 2015