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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kimcor | LSE:KIM | London | Ordinary Share | GB00B0TNHV95 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3247G KimCor Diamonds plc 25 October 2007 KIMCOR DIAMONDS PLC ("KimCor" or the "Company") ACQUISITION OF KIMBERLEY TAILING DUMPS The Board of KimCor, the mid-tier diamond producer, is pleased to announce that its subsidiary Superkolong (PTY) Limited ("Superkolong") is acquiring a 26.4 per cent share of diamondiferous tailing mineral resources (TMRs) in Kimberley, South Africa, from De Beers Consolidated Mines Limited ("De Beers"). Highlights * Superkolong's 26.4 per cent interest totals 15.45 million tonnes of TMRs; * Superkolong will process the TMRs through its existing SMI4 plant. As a result it will not need new processing infrastructure while the project life will be extended by 10 years; * KimCor will gain management control over the resource, which will significantly improve the economics of the project; * Based on historical production and sales information, KimCor expects annual sales of 108,000 carats from the Superkolong TMRs; * At an average sale price of US$60 per carat once full production is commenced, project gross annual revenues would be in excess of US$6.4 million; * The new resource has an estimated in-situ value of approximately US$57.2 million; and * The Superkolong share of the TMRs was purchased for a consideration of approximately #195,000. KimCor will be entitled to 70% of revenue from diamond sales from the Superkolong TMRs, the balance accruing to the Group's Empowerment Partner. The Company will also benefit from the combined effect of the removal of handling fees on diamond production and the ability to revert to in-house sorting and sales. This is expected to result in an estimated immediate uplift in sales value of approximately US$6.0 per carat. Background to the Acquisition Superkolong is acquiring the TMRs as a result of its 26.4 per cent interest in Nungu Trading 740 (Proprietary) Limited (to be renamed The Small Miners Forum Kimberley (Proprietary) Limited) ("SMF"). SMF has entered into a Sale of Assets Agreement ("SAA") with De Beers to purchase the TMRs. In addition to the cash purchase price for the assets, Superkolong has committed to an EMP which will cost the Group #495,000 over the life of the project and is sufficient to ensure environmental rehabilitation is completed to the high standards maintained by De Beers. SMF and Superkolong will complete ownership of the TMRs once all required authorisations are received from the South African authorities. The acquisition is conditional upon the following: (i) issue of approval of sale of assets by the Competition Authorities; (ii) issue of a Diamond Dealers Licence to permit the sale of diamond production; and (iii) compliance with the Environmental Management Programme ("EMP") designed and approved by De Beers. Martyn Churchouse, Chief Executive of KimCor commented "The asset sale by De Beers will ensure the continued growth of mining programmes in the Kimberley region and will benefit Superkolong and its empowerment partner. On the basis that the assets provide a minimum additional 10 years of mine life for the SMI4 operation, KimCor will invest funds in a capital project to increase the plant capacity to generate a minimum of 108,000 carats per year. "The combination of the increased production from SMI4 together with production from our existing mines underpins the Group's annual production target of 200,000 carats per annum. We have a highly skilled team managing the project, with a wealth of experience processing this resource type and now have an opportunity to consolidate our position as a leading exponent of tailing mineral resource reprocessing". ---ENDS--- Enquiries: KimCor Diamonds plc Tel: 020 7290 1400 Martyn Churchouse Strand Partners Limited Tel: 020 7409 3494 Simon Raggett Warren Pearce Bishopsgate Communications Ltd Tel: 020 7562 3350 Maxine Barnes Nick Rome Notes to Editors: KimCor is an integrated diamond mining and exploration company focused on diamond production in Africa with complementary cutting and polishing operations. The Company is building on an existing portfolio of revenue producing assets. Through its subsidiary companies, KimCor has five producing miningoperations and a number of advanced exploration projects in South Africa and Tanzania. Superkolong is a subsidiary of KimCor in which Kolong Investment Holdings (Pty) Limited, the Group's Empowerment Partner holds a 30 per cent interest. This information is provided by RNS The company news service from the London Stock Exchange END ACQDGMZGRDDGNZM
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