African Diamonds Share Discussion Threads

[varrirob] 14/11/2010 21:54

Looking ahead a bit, will we get some documentation giving an overview of the new co. and what it's strategy will be over next year and what proactive steps it will take to maximise shareholder value (bringing in new investors etc).

[jibbajabba] 12/11/2010 13:41

I dont think Irish debt will play a part with regards to the general valuation of this share (apart from Irish shareholders selling off their shares to raise cash to pay off other debts etc).

[peterz] 12/11/2010 08:53

How is the irish debt problem going to impact - pos or neg? I will post this on irish based shares I own - not spamming to trigger doubt.

[yarisverso] 11/11/2010 17:55

That 60k looks like a buy.

[the_curmudgeon] 11/11/2010 16:49

nice one jibba, little tick up too

[jibbajabba] 11/11/2010 13:47

New Diamond Mine to start soon
Written by KHONANI ONTEBETSE
Wednesday, 10 November 2010 00:00

Joint-venture partners Lucara Diamonds and African Diamonds said last week the construction of the AK6 diamond mine in Boteti will begin over the next couple of months, with the full commissioning of the project targeted for early 2012.

Lucara's President and CEO, William Lamb expressed happiness with the decision to proceed with the full development and construction of a mine on the AK6 diamond project.

"Even more encouraging is that the critical path activities are already well advanced, helping to ensure that our commissioning schedule is met. In less than 1.5 years we anticipate Lucara to become one of the very limited number producing hard rock diamond miners in the world," said Lamb. He added that this, coupled with the increasing demand for high quality diamonds puts Lucara in a strong position for future growth.

"The recruitment of a strong mine management team, who are an integral part of the project development team, will enable a smooth transition into operations," he said.

According to a statement from Lucara, project development activities have commenced upon completion of the feasibility study in June of this year with the selection of Dowding Reynard and Associates ("DRA") as the EPCM contractor. DRA's focus areas have been the critical path activities which ensure that the ramp-up to full production in Q1, 2012 is achieved.

These activities included the placing of orders for long lead time equipment, including the autogeneous mill and crushers, as well as the award of the earthworks contract for the site civil works and the access road upgrade.

The earthworks contractor was mobilized to site in September. Detailed engineering has also been advanced in support of the project schedule which is on track.

An agreement with the Botswana Power Corporation(BPC) for the supply of bulk power has been concluded and the contract for the powerline construction has been issued for tender.

Senior staff have been recruited, including the CEO, General Manager, Finance Manager, Safety, Health Environment and Community Relations Manager, and the Human Resources Manager. Excellent progress has been made on environment and community relations tasks, human resource policy, staff housing, and recruitment timelines to ensure operational capacity in support of the project development and transition to operations.

[the_curmudgeon] 09/11/2010 10:46

any potential bidders will have to show their hands soon...

[euclid] 09/11/2010 10:27

A tick up, I see.

[hatto] 09/11/2010 10:18

Ahhhhhhh yes. I see thanks.

I saw

"Expected timetable of principal events
Event
Time / Date
Posting of Scheme document"

as the header.

You are quite correct.

[euclid] 09/11/2010 10:10

I think it's the way you're reading it.

Voting Record Time
6.00 p.m. on 24 November 2010

Court Meeting
11.00 a.m. on 26 November 2010

General Meeting
11.15 a.m. on 26 November 2010

Last day of dealings in AFD Shares
17 December 2010

[hatto] 09/11/2010 10:02

29 October 2010

African Diamonds Plc

Posting of Scheme Document

The directors of African Diamonds are pleased to announce that the Scheme
document relating to the recommended Proposals, whereby Lucara acquire the
entire issued and to-be-issued share capital of African Diamonds,is today being
posted to African Diamonds' shareholders.

On 4 October 2010, African Diamonds announced that it had agreed with Lucara the
terms of recommended Proposals under which African Diamonds would demerge the
diamond exploration interests of the African Diamonds Group to Botswana Diamonds
and Lucara would acquire the entire issued and to-be-issued share capital of
African Diamonds, including African Diamond's 40% interest in the AK6 diamond
mine in Botswana, by way of a Court-sanctioned scheme of arrangement.

Under the Proposals, AFD Shareholders would receive 0.8 of a common share in
Lucara (credited as fully paid and rounded down to the nearest whole number) and
one (1) ordinary share of GBP0.01 in Botswana Diamonds for every one (1)
ordinary share of GBP0.01 in African Diamonds held by those shareholders.

The Scheme document contains, among other things, further information regarding
the recommended Proposals. The Scheme document also sets out the procedures to
be followed in connection with the implementation of the Scheme, an anticipated
timetable of principal events and details of the actions to be taken by African
Diamonds' shareholders, and contains notices of the Court Meeting and General
Meeting of African Diamonds' shareholders that have been convened in connection
with the Scheme and which will be held on 26 November 2010.

Expected timetable of principal events
Event
Time / Date
Posting of Scheme document
29 October 2010
Latest time for lodging blue Forms of Proxy for
the Court Meeting
11.00 a.m. on 24 November 2010
Latest time for lodging pink Forms of Proxy for
the General Meeting
11.15 a.m. on 24 November 2010
Voting Record Time
6.00 p.m. on 24 November 2010
Court Meeting
11.00 a.m. on 26 November 2010
General Meeting
11.15 a.m. on 26 November 2010
Last day of dealings in AFD Shares
17 December 2010
Scheme Record Time
6.00 p.m. on 17 December 2010
Suspension of trading on AIM of AFD Shares 7.30 a.m.
on 20 December 2010
Court Hearing to approve and sanction the Scheme
(including the Capital Reduction and the
Demerger Reduction)
20 December 2010
Effective Date
20 December 2010
Date of registration of the Court Order with
the Registrar of Companies
20 December 2010
Cancellation of admission to trading on AIM of
AFD Shares
7.00 a.m. 21 December 2010
Latest date of dispatch of certificated BD Shares
4 January 2011
Latest date for issuance of Lucara Shares
4 January 2011
CREST accounts credited with BD Shares
4 January 2011


Cancellation of trading in African Diamonds' shares on AIM

Prior to the Scheme becoming effective, African Diamonds will make an
application to the London Stock Exchange for the cancellation of AFD Shares from
trading on AIM. Accordingly, if the Scheme becomes effective, AFD Shares will
cease to be quoted on AIM and traded on the London Stock Exchange's market for
AIM-quoted securities on or before 7.00 a.m. on 21 December 2010 and the last
day of dealings in, and for registrations of transfers of, AFD Shares will be 17
December 2010.

Capitalised terms used in this announcement but not defined have the meanings
given to them in the Scheme document.

Further information:

African Diamonds
John Teeling Tel:
[phone]
James AH Campbell Tel: +27 83
457 3724

finnCap
Matthew Robinson, Corporate Finance Tel: [phone]
Henrik Persson, Corporate Finance Tel: [phone]

College Hill
Nick Elwes Tel: +44
20 7457 2020

========

Hi......It does say "11.15 a.m. on 26 November 2010
Last day of dealings in AFD Shares".

It also says "AFD Shares will cease to be quoted on AIM and traded on the London Stock Exchange's market for AIM-quoted securities on or before 7.00 a.m. on 21 December 2010 and the last day of dealings in, and for registrations of transfers of, AFD Shares will be 17 December 2010".

I'm confused dot com.

[euclid] 09/11/2010 09:46

I imagine they must be pretty certain that the vote will be carried to have recommended it.
If it is carried, the last day for making up your mind whether to sell up or stay in will be 17th Dec.

[hatto] 09/11/2010 09:07

Hatto - 2 Nov'10 - 10:24 - 14095 of 14156 edit

I'm a little surprised that AFD is still trading @ only 38p/39.5p what with LUC's share price recovering as it has.

Yesterday AFD had a 100,000 Buy @ 39.5p & a 25,000 Buy @ 39p.

So someone realises the likely bonus of buying AFD at this level.

I've had my calculator out & worked out the value of our potential LUC holding.

LUC 86c = 42p + 7p BD Estimated value = 49p
LUC 87c = 42p + 7p BD Estimated value = 49p
LUC 88c = 43p + 7p BD Estimated value = 50p
LUC 89c = 43p + 7p BD Estimated value = 50p
LUC 90c = 44p + 7p BD Estimated value = 51p
LUC 91c = 44p + 7p BD Estimated value = 51p
LUC 92c = 45p + 7p BD Estimated value = 52p
LUC 93c = 45p + 7p BD Estimated value = 52p
LUC 94c = 46p + 7p BD Estimated value = 53p
LUC 95c = 46p + 7p BD Estimated value = 53p
LUC 96c = 47p + 7p BD Estimated value = 54p
LUC 97c = 48p + 7p BD Estimated value = 55p
LUC 98c = 48p + 7p BD Estimated value = 55p
LUC 99c = 49p + 7p BD Estimated value = 56p

Certainly worth watching LUC's share price which closed @ 90c v 92c yesterday.

======

Obviously two possible factors that WILL effect the above calculations are....

1. A higher Bid by 24th November 2010 (Court date).
2. AFD shareholders voting against the LUC offer.

IMHO ADYOR

===========

Good morning everyone.

Roughly 13 trading days for AFD holders to either sell their AFD shares or become LUC & BD holders by default.

LUC currently trading @ 90c v 94c with the last trade going through @ 93c valuing our AFD shares @ 45p+7p = 52p. A 13p premium on our current AFD share price of 39p. A potential 25% profit for doing nowt.

Interesting thought.

IMHO ADYOR

Of course the proposal might fail if the required positive vote goes against the BID.....Is that likely?

[markfrankie] 08/11/2010 23:54

EXCELLENT RESULTS FROM TRIAL MINING PROGRAM AT MOTHAE
DIAMOND MINE IN LESOTHO
November 4, 2010 (LUC – TSXV) ... Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to
report excellent first results from the trial mining program at the Mothae diamond mine in Lesotho. Lucara
is conducting a trial mining program to mine and process up to 720,000 tonnes of kimberlite from the
Mothae pipe to gather further data on diamond grade, size distribution and diamond value information
following a previously completed successful 100,000 tonne bulk sample program. The bulk sampling and
trial mining programs are in preparation for future commercial diamond production from the Mothae mine.

[markfrankie] 08/11/2010 23:51

Lucara Announces Formal Approval for AK6 Diamond Mine Construction
Lucara Diamond Corp. (TSX:LUC)
Intraday Stock Chart
Today : Tuesday 2 November 2010

Lucara Diamond Corp. ("Lucara" or the "Company") (TSX VENTURE: LUC) and joint venture partner African Diamonds plc ("AFD") are pleased to announce the formal, positive decision to proceed with the construction of the AK6 diamond mine in Botswana. Construction of AK6 will begin over the next couple of months with full commissioning of the new mine targeted to be achieved in early 2012. AK6 will be one of the very few new hard rock diamond mines coming into production in the near term to meet the growing strong demand for high quality diamonds.

Project development activities commenced upon completion of the feasibility study in June of this year with the selection of Dowding Reynard and Associates ("DRA") as the EPCM contractor. DRA's focus areas have been the critical path activities which ensure that the ramp-up to full production in Q1, 2012 is achieved. These activities included the placing of orders for long lead time equipment, including the autogeneous mill and crushers, as well as the award of the earthworks contract for the site civil works and the access road upgrade. The earthworks contractor mobilized to site in September. Detailed engineering has also been advanced in support of the project schedule which is on track.

An agreement with the Botswana Power Corp. for the supply of bulk power has been concluded and the contract for the powerline construction has been issued for tender.

Senior staff have been recruited, including the CEO, General Manager, Finance Manager, Safety, Health Environment and Community Relations Manager, and the Human Resources Manager. Excellent progress has been made on environment and community relations tasks, human resource policy, staff housing, and recruitment timelines to ensure operational capacity in support of the project development and transition to operations.

Mr. William Lamb, Lucara's President and CEO, commented, "We are very pleased that the decision to proceed with the full development and construction of a mine on the AK6 diamond project has been made. Even more encouraging is that the critical path activities are already well advanced, helping to ensure that our commissioning schedule is met. In less than 1.5 years we anticipate Lucara to become one of the very limited number of producing hard rock diamond miners in the world. This, coupled with the increasing demand for high quality diamonds puts Lucara in a strong position for future growth."

Mr. Lamb further added, "The recruitment of a strong mine management team, who are an integral part of the project development team, will enable a smooth transition into operations".

On Behalf of the Board,

William Lamb, President and CEO

Forward-looking Information

This document contains statements about expected or anticipated future events and financial results of Lucara that are forward-looking in nature and are based on Lucara's current expectations, estimates and projections. This forward-looking information is subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. The actual results, activities, performance or achievements of Lucara may differ materially from those projected by management. A discussion of factors that may affect Lucara's actual results, performance, achievements or financial position is contained in the filings by Lucara with the Canadian provincial securities regulatory authorities, including Lucara's 2009 annual MD&A filed on April 27, 2010 on the system for electronic document analysis and retrieval ("SEDAR") at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Lucara Diamond Corp.

Sophia Shane

[phone]

[phone] (FAX)

[e-mail]

www.lucaradiamond.com

[euclid] 08/11/2010 20:22

What is the average size at Letseng? Can't find it.

[the mullah] 08/11/2010 20:14

Would you like me to mention the average diamond size for completion or can you DYOR? Average price at Mothae likely to be much less than average price at Letseng due to significantly smaller stone size.

[arf dysg] 08/11/2010 16:44

euclid (14146) "What is it that you are comparing TM?"

The Mullah (14148)"Average diamond size combined with grade."


In that case, it's funny that your posting about the Mothae grade:

"EXCELLENT RESULTS FROM TRIAL MINING PROGRAM AT MOTHAE DIAMOND MINE IN LESOTHO
Average grade of 2.41 cpht??
Seriously "excellent"!!?? "

... somehow forgot to mention average diamond size.

[varrirob] 08/11/2010 16:10

Wonder if we will see any + movement in LUC shares this week.

[euclid] 08/11/2010 15:26

below 3% anyway.

[the_curmudgeon] 08/11/2010 14:55

debeers gone?

[the mullah] 06/11/2010 11:39

Average diamond size combined with grade.

[peterz] 06/11/2010 08:20

Why does anyone bother to continue replying to M? surely filter is best.