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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:2236R KimCor Diamonds plc 01 April 2008 1 April 2008 KimCor Diamonds plc ("KimCor" or the "Company") Operations Update KimCor is pleased to announce that a number of capital programmes have been completed and diamond mining and tailings recovery operations that have been idle for some time have been re-started. Highlights * Phase one modifications to the Company's largest tailings reprocessing plant ("SMI4"), completed under budget, and the plant re-started; * Modifications to increase the capacity and efficiency of the processing plant at the Newlands mine completed under budget and ahead of schedule; * Nooitgedacht alluvial mine expansion completed with both production and diamond recovery exceeding expectations; * The underground mine development programme at the Blaauwbosch mine is 3 months ahead of schedule. Hoisting of kimberlite ore is expected to commence in April; * Anmic, the Group's cutting and polishing business is achieving a value-added margin of 10 per cent on all processed rough; * Exploration shafts sunk on the 2.33 hectare Itanana pipe in Tanzania have intersected kimberlite at shallow depths. The Company considers this target to be highly prospective and intends to expand this work with a view to obtaining bulk samples; * Supermix, the Group's industrial division producing bricks and concrete has been operating on a cash positive basis for the past 3 months and the trend is projected to continue. Martyn Churchouse, CEO of KimCor, commented: "We are delighted with the progress made across all our operations. The Company is continuing to ramp up production with a focus on those mines expected to make the largest contribution to diamond production. Recoverable diamond grades are in line with expectations and the average sales prices achieved to date have generally achieved or exceeded budget ". SMI4 tailings reprocessing plant update Tailings processing using the recently reconstructed plant commenced in March 2008. Initially the plant will process at a rate of up to 50,000 tonnes per month (" tpm") to recover an estimated 3,000 carats per month ("cpm") based on an average recoverable grade of 6 carats per hundred tonnes ("cpht"). During April the second phase of plant construction will be completed following which the production rate is scheduled to increase to 100,000tpm generating 6,000 cpm. The Company plans to increase production to approximately 150,000tpm by mid-year to generate 9,000 cpm. Newlands mine update A comprehensive five year mine plan has been designed and has received the Board's approval. An underground development programme to provide additional working faces permitting a substantial increase in mining rates has been on-going since the start of the year. As a result, mining rates have increased from 2,500tpm to 5,000tpm. By the end of April an increase by a further 40 per cent to 7,000tpm is planned. The Newlands processing plant has been reconstructed and expanded to meet the increased production rate. The plant has been commissioned and is scheduled to process up to 32,000tpm comprising 7,000tpm of underground ore and 25,000tpm of tailings. At capacity, the plant is expected to generate 19,320 carats per annum from underground ores based on an average recoverable grade of 23cpht and a further 21,000 carats per annum from reprocessed tailings. During the development phase, a total of 4,471.3 carats from underground production have been sold at an average sales price of US$88.51 and 1,998.23 carats from dump reprocessing have been sold at an average sales price of US$70 per carat. Nooitgedacht Update The Company has two mining and processing operations running at Nooitgedacht which have increased the production rate from 10,000tpm to 35,000tpm. Further increases are planned to take total production to 50,000tpm. Diamond grades have improved from 0.55cpht to 1.40cpht following modifications to the KimCor processing plant. The average sales price has been maintained at US$464.50 per carat. The budget sales price of US$500 per carat is expected to be exceeded as soon as the Company sells recent diamond production that includes two stones of notable quality weighing 31.4 carat and 18.5 carat respectively. Blaauwbosch Update The rate of progress made on the major underground development programme at the Mine has been excellent. As a result, the hoisting and processing of kimberlite ore is expected to recommence 3 months ahead of schedule in late April. Ore to be hoisted will initially come from the mining of remnant pillars situated between the 145 level and surface. An estimated 120,000 tonnes of ore from these levels is expected to return an average recoverable grade of between 16 and 18cpht. The balance of the mine's 1.09 million tonne resource is budgeted to return an average recoverable grade of 30cpht. Mining below the 145 Level is scheduled to commence during the third quarter and is expected to result in the mining rate rising to between 11,000tpm and 14,000tpm. The board has approved the capital budget for the reconstruction and expansion of the existing Blaauwbosch processing plant to treat the anticipated increase in the mining rate. This new plant will also have the capacity to process the estimated 900,000 tonnes of tailings located at within the mine boundary. During the period under review, the mine has sold 2,340 carats from underground ores at an average sales value of US$133.8 per carat and a further 1,402.52 carats at an average sales value of US$47 per carat from tailings reprocessing. Tanzania Update The De Beers Joint Venture in Tanzania centres around two kimberlite pipes, Mahene and Itanana with a combined surface area of more than 9 hectares. Work has commenced on the Itanana pipe (2.33 hectares) and exploration shafts have been sunk on 3 sites. Two of the shafts have intersected kimberlite at shallow depths whilst the third shaft has been deliberately sited on the margin of the pipe to provide access to mineralisation at depth. Emphasis remains on the collection of sufficiently large representative bulk samples to test the pipe. On the 7 hectare Mahene pipe, 2 exploration shafts have been sunk to 6 and 10 metres. Based on drill data, kimberlite is expected to be intersected at depths of around 50m below overburden. The current plan remains to establish horizontal tunnels from the exploration shafts to provide a representative sample for bulk test work. Bellsbank Update Since the commissioning of a dense media separation unit in January, the mine has produced and sold 1,616 carats at an average sales price of US$54 per carat. Whilst the Mine now receives a constant supply of water, there remain limitations on the volume available which in turn affects production rates. As a result, both the mining and processing strategy at Bellsbank are under review. Anmic Cutting & Polishing Update The average sales value per carat for stones processed since January is US$1,346 per carat. Cutting and polishing of mine production continues to generate healthy value added gross margins. In January this amounted to 45.7 per cent and in February 38.2 per cent. Supermix - Industrial Division update Demand for construction materials continues to rise which is reflected in the Industrial Divisions improving performance, supplying 32,000 cubic meters of ready mix concrete and 6.5 million bricks and pavers since the start of the financial year. Since being acquired in September 2007, Supermix had become cashflow positive which is projected to continue. Enquiries: KimCor Diamonds plc Tel: 020 3178 6179 Martyn Churchouse Strand Partners Limited Tel: 020 7409 3494 Simon Raggett Warren Pearce Victoria Milne-Taylor Bishopsgate Communications Ltd Tel: 020 7562 3350 Maxine Barnes Nick Rome This information is provided by RNS The company news service from the London Stock Exchange END MSCBLGDXSUXGGIB
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