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Posted at 28/2/2006 19:52 by energyi GGL Diamond's Doyle sill has gem-quality diamonds2006-02-14 20:04 ET - News Release Mr. Raymond Hrkac reports GGL DIAMOND CORP.: DOYLE SILL INCLUDE GEM QUALITY DIAMONDS GGL Diamond Corp. has released diamond results from the Doyle kimberlite sill. A 45,526.5-kilogram (45.526-tonne) sample was taken from the Doyle kimberlite sill to evaluate its diamond potential. The sample was taken from a single surface pit located at the northeastern edge of the kimberlite at the suboutcrop of the sill. The Doyle kimberlite sill has been traced for a strike length of two kilometres and down-dip for 820 metres, the kimberlite remains open to extension. The sample was analyzed by Ashton Mining of Canada at its North Vancouver laboratory, where it underwent standard crushing, washing, dense media separation (DMS) and recovery of commercial-sized diamonds. Portions of each DMS treatment and diamond recovery procedure were observed by Howard Coopersmith, PGeol, diamond consultant and qualified person for GGL Diamond. The 45.5-tonne kimberlite sample was divided into three subsamples. The following table was provided by Ashton's laboratory and summarizes the DMS diamond results by subsample, expressed in Tyler Sieve distribution. DOYLE DIAMOND RESULTS Number of diamonds +0.85 +1.18 +1.7 +2.36 +3.35 -1.18 -1.7 -2.36 -3.35 -4.75 mm mm mm mm mm DMA sample: 11104 Measured weight (kg): 16,142.5 6 19 6 0 1 DMA Sample: 11105 Measured weight (kg): 15,740.5 2 14 9 0 1 DMA sample: 11106 Measured weight (kg): 13,643.5 3 20 7 2 0 Total measured weight (kg): 45,526.5 11 53 22 2 2 DOYLE DIAMOND RESULTS Total Est. No. No. diam- of of Total ond dia- diam- carat cont- monds onds weight ent +4.75 +1.18 +1.18- (+1.18) -6.7 -6.7 6.7 (cpht) mm mm mm (i) DMA sample: 11104 Measured weight (kg): 16,142.5 0 26 2.355 14.59 DMA sample: 11105 Measured weight (kg): 15,740.5 0 24 2.020 12.83 DMA sample: 11106 Measured weight (kg): 13,643.5 0 29 1.780 13.05 Total measured weight (kg): 45,526.5 0 79 6.155 13.52 (i) Cpht equals carats per hundred tonne Howard Coopersmith stated that the sample results reported are of high integrity and are believed to accurately represent the sampled kimberlite from the Doyle kimberlite sill. He also reported that diamond recovery results returned a composite total of approximately 6.2 carats of commercially sized diamonds from 45.5 tonnes of sample material, for a calculated grade of 0.135 carat per tonne. Mr. Coopersmith reports that the largest diamonds are a 1.25-carat offwhite industrial stone and a 0.83-carat colourless clean tetrahexahedral crystal of high gem value. The bulk sample from the Doyle kimberlite sill produced a modest grade of diamonds and significant commercial stones from a small tonnage. Although the diamonds have not been valued, it is unlikely that the material tested is economic. However, the presence of gem-quality diamonds from one location within the extensive, two kilometres by approximately one kilometre, sheet of kimberlite would suggest that further evaluation may be necessary @: |
Posted at 25/7/2005 15:34 by energyi 25 July 2005De Beers Societe Anonyme ("Dbsa") today reported headline earnings for the six months ended 30 June 2005 of US$336 million. Anglo American plc ("AA plc") arrives at its headline earnings in respect of De Beers by accounting for the interests arising from the ordinary shares and the 10% preference shares it holds in DB Investments ("DBI"). AA plc will therefore report headline earnings of US$270 million for the six months ended 30 June 2005 from its investment in DBI, as reconciled in the table below: Reconciliation of headline earnings for the six months ended 30 June 2005 US$ million Total * DBI headline earnings (100%) 336 * Adjustments (1) 5 * DBI headline earnings - AA plc basis (100%) 341 * AA plc's 45% ordinary share interest 153 * Income from preference shares 26 * Exchange gains related to preference shares 91 * AA plc headline earnings 270 (1) Adjustments include the reclassification of the actuarial gains and losses booked to the income statement by Dbsa under the corridor mechanism of IAS19. As AA plc has early adopted the amended version of IAS19, this charge has been included in the deficit booked to reserves in prior years. On 30 June 2005, Dbsa redeemed a second 25% of the preference shares originally in issue and on that date AA plc received US$175 million, representing 25% of its original US$701 million preference share interest. In the six months ended 30 June 2005, AA plc received from DBI a US$90 million final dividend on ordinary shares relating to FY 2004, US$26 million dividends representing the second payment on preference shares for 2004, and US$9 million representing the first dividend for 2005 on the redeemed preference shares. A US$17 million first dividend for 2005 on the remaining preference shares and a US$68 million interim dividend on ordinary shares relating to FY 2005 are scheduled for payment on 1 August 2005. In the six months ended 30 June 2004, AA plc received from DBI a US$68 million final dividend on ordinary shares relating to FY 2003, US$35 million dividends representing the second US$35 million payment on preference shares for 2003, and US$9 million representing the first dividend for 2004 on the redeemed preference shares. A US$26 million first dividend for 2004 on the remaining preference shares and a US$112 million interim dividend on ordinary shares relating to FY 2004 were received from DBI during the second half of 2004. Reconciliation of headline earnings for the six months ended 30 June 2004 US$ million Total * DBI headline earnings (100%) 424 * Adjustments (1) (48) * DBI headline earnings - AA plc basis (100%) 376 * AA plc's 48.65% ordinary share interest (2) 183 * Income from preference shares 35 * Exchange losses related to preference shares (49) * AA plc headline earnings 169 (1) Adjustments include the impact of IAS32 and IAS39 which applied to Dbsa in 2004, but have only been adopted by AA plc in 2005. (2) As a result of De Beers' partial interest in Debswana Diamond Company (Proprietary) Limited (one of the shareholders in DBI), AA plc accounted for an additional 3.65% of DBI's post-tax earnings attributable to ordinary shares. As previously announced, the Debswana interest in DBI was ceded to the Government of the Republic of Botswana as part of a renewal of De Beers' mining licences in Botswana, agreed on 20 December 2004. Accordingly, from this date AA plc no longer accounts for this additional 3.65% interest. The above figures are unaudited. - - - INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2005 DIRECTORS' COMMENT Results Own earnings at US$345 million were 8% lower than the equivalent period in 2004, and headline earnings were 21% lower at US$336 million. The decrease in own earnings was mostly due to the impact of a weaker dollar and to tighter margins arising largely from a significant reduction in stockpile realisations. Headline earnings were further impacted by the negative swing of US$46 million in the group's share of retained earnings of joint ventures. This was because of the release last year, as the diamond stockpile was being run down, of higher provisions for unearned profits in diamond stocks purchased from the group's joint venture partners. Operating cash flow fell to US$158 million from US$871 million in the first half of 2004 when there was a draw down of stocks of nearly US$500 million. In addition there was a substantial increase in other working capital in 2005. In line with the lower earnings and cashflow, the Board has declared a reduced interim dividend of US$150 million (2004: US$250 million) payable on 1st August 2005. Production Group production for the period was 23.7 million carats, an increase of 23% over the same period in 2004. As a result of the increased production, stock levels have risen by about $400 million compared with June 2004. Sales and marketing Despite mixed economic data it is estimated that the demand for diamond jewellery in the United States is up by 6% in the first half over the same period last year. Larger chains and high-end independents have shown the strongest results and polished prices have started to edge up at the consumer level. Performance in other markets was mixed. The local currency value of global diamond jewellery sales is estimated to be higher by 5% than the equivalent period in 2004. De Beers is currently forecasting growth of 6% in local currency retail demand for the full year due to the level and quality of diamond marketing activity as well as regional macro-economic strength. Throughout the first half, demand for rough diamonds from the cutting centres was strong. Sales by the DTC, the marketing arm of De Beers, for the first six months totalled US$ 3.2 billion, 8% higher than the equivalent period in 2004. The DTC raised its rough diamond prices on two occasions. Projects De Beers recently announced the approval of C$636 million for the Snap Lake project in Canada with construction scheduled to commence in 2006. Further expansion projects in Canada and Southern Africa are under evaluation. Agreement was reached with Endiama, the Angolan state mining company, for the establishment of a joint venture for the exploration of diamonds. Regulatory In early June, the European Commission published a notice indicating its intention to accept the commitments offered by De Beers and Alrosa in relation to the Alrosa Trade Agreement and allowed a 30 day period for public comment. The Commission is now considering any third party comments received. Outlook The market for rough diamonds remains firm and we expect that, unlike in previous years, sales in the second half of 2005 will at least match those of the first half and that stocks will reduce. This should have a beneficial impact on both cash flow and earnings. De Beers announces interim results as follows: |
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