DiamondCorp (AIM: DCP) has appointed two new non-executive directors to its board, George Kennedy Morton and Subhi Benkhadra. The newly appointed are experienced in the banking and finance sector, and both are currently directors of the European Islamic Investment Bank (AIM: EIIB).
Benkhadra is currently the chief executive of EIIB and DiamondCorp noted his 20 years of experience, having held senior positions at United Bank of Kuwait, Primecorp Investment Management, Investment Trust Ltd and Esterad Investment Company. Morton is a non-executive director of EIIB, and he has 40 years experience including senior positions with Toronto-Dominion Bank, The Bank of Nova Scotia, Gulf International Bank, National Bank of Bahrain and Arab Banking Corporation.
According to DiamondCorp's website, EIIB are the group's third largest shareholder, behind JP Morgan and Majedie Asset Management, the Islamic finance group owns 10.7 million shares, representing 7.22% of the company’s issued capital.
Yesterday, DiamondCorp announced it had recommenced mine development at the Lace Mine in South Africa and resumed its exploration activities in Botswana, following the successful completion of its recent £7.1 million capital raising.
In the Free State Province of South Africa, the development of the Lace Diamond mine has resumed, with 2010’s work program focused on the completion of a 4.5x4.5m decline to access kimberlite resources below the sub-240m level, the lowest level of the mine's historical workings.
Going forward, the company seeks to access the potential 13 million carats in resource at Lace in early 2011, and build up to a potential production of between 400,000 and 500,000 carats per annum at the same time as the long-term metrics for the diamond industry continue to improve.
Production at Lace is scheduled to increase to 1.2 million tonnes per annum, once the existing 6x2.7m vertical shaft is re-equipped during 2011 for primary ore hoisting. Subsequently the decline will then be utilised for men, materials and ventilation for the remainder of the +25-year life of the mine.
Elsewhere, DiamondCorp is earning a 77.5% interest in various exploration licenses in Botswana from Geoperspectives Pty, by funding exploration activities. The company said that preparations are being finalised for the start of a six-hole diamond drilling program on two kimberlite targets – J-05 and J-12.