Share Name Share Symbol Market Type Share ISIN Share Description
Kimcor Diamonds 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
  +0.00p +0.00% 0.325p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
0.2 -1.5 -2.4 - 0.21

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Date Time Title Posts
20/3/200913:24KimCor Diamonds928

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kenmitch: Can someone explain? Dwyka own around 50% of KIM. Yet while KIM shares have trebled or more the DWY share price keeps falling and is down again today. Why isn't the DWY share price rising too? Or is the KIM rise the result of a few speculative buys prompting more speculative buys? Hope that is not the reason for the rise and that we will soon get positive news to justify it. Also who said that we should expect news from KIM today?
kenmitch: Wow! The share price is up 0.25p. No idea why but it's good to see. Hope the gain holds or better still increases.
kenmitch: If it was the first of the two alternatives then the obvious thing to do/to have done is to provide an update. In this market the shares might not go much (if any) higher on the news, but it would at least reassure long suffering investors. I know they don't have to update - but the mind boggles at the thought that they are cheerfully hiding good news and will then hit the market with a lot of lovely surprises. My conclusion based on the lack of news - which is what happened with expected good news re Bellsbank a good while ago - is that when we get an update it will be bad. I'm just hoping that it is not bad enough for the shares to be worthless, and also that they won't need to raise more money, which may well be a non starter. The share price is already discounting bad news so the hope must be that they are at least breaking even. Too much to hope that even if they aren't managing 15,000cpm that they are getting somewhere near? That would at least mean that the shares might hold their present level and we can all dream of better news and a higher share price one day in the distant future. We never stop learning at this game. I've never really got to grips with this share but have cottoned on far too late - as I did earlier with GTL in a different sector - to this obvious fact, that it has to cost them less to mine the diamonds than they get for selling them. So I now realise I took far too little notice of the fact that KIM have been very vague on this point. Somehow too the market always seems to know. With hindsight - since I had cottoned on to the market nearly always knows, years ago - I should have sold ages ago. Now, (and I guess others are in the same position) the % losses are so big (but fortunately my stake isn't thanks to my rule of never investing too much in shares I don't fully understand) I might as well risk losing what is left. A shame for those who have lost more and who believed the hype, but then remember the key point of never investing more than we can afford to lose and also not to blame bullish posters here for our investment mistakes. Anyway it might not yet come to that as it is just possible that even now we'll all end up holding a winner. Dream on!
dcroston: Dire Cons, Any interest from Dwyka would obviously be viewed as postive from a KIM shareholder point of view with Dwyka being a major shareholder and also having a presence on the board. Of course, any interest Dwka may have remains to be seen and is purely speculation at the moment and of course the other side of the coin is that Dwyka decides to cut its losses and run which would obviously be devastating for KIM and perhaps signify the beginning of the end. Last time I spoke with someone from KIM, they implied pretty much that Dwyka had become less involved in the running of KIM - that may very well signify an air of confidence that Dwyka representatives have in KIM management being able to complete the job or it could be that they don't want to waste anymore energy and resources in KIM. I like to think that its the former rather than the latter or I'm certain Dwyka would have been parting with some of there 67m shares. As far as a consipiracy theory between KIM and Dwyka share price, Take your pick of pretty much any AIM stock and you would get the same result.
kenmitch: Thanks dcroston for your post (657) that explains so clearly the current situation. Seems that fans, me included, have not taken sufficient notice of your key point - worries that the cost of getting the diamonds out of the ground is more than they are getting from sales. If that is the case then presumably they will need to raise funds - not an attractive (or even plausible?) prospect with the share price so low and down yet again today. No announcement yet - hope if/when it comes it includes some reassuring and long overdue financial information. That would surely give the shares a lift? Interesting rumour of the day in The Times today
the mullah: KimCor Diamonds Market Data Currency UK Pounds Share Price 2.25p Change Today 0.000p 52 Week High 8.75p 52 Week Low 2.25p Volume 211,226 Shares Issued 268.27m 15:49 70,285 @ 2.15p 13:40 25,000 @ 2.50p 12:15 25,000 @ 2.40p 11:48 70,285 @ 2.40p 11:40 20,656 @ 2.40p
kenmitch: dcroston. Presumably you failed to get any information? This is a total guess but with previous good news met with a tiny rise in the share price followed by falls to new lows, maybe this time they are saving up masses of good news so that the market takes note at long last. Or is this wishful thinking with more sinister implications behind the failure to update as expected? Either way presumably we'll find out soon one way or another. The shares look so cheap, but I thought that when they were over twice the current price!
cesc2: STEER CLEAR KimCor Diamonds - Lacks the X factor Undervalued? Perhaps, but this £12 million stock is swimming against the tide. The market doesn't care that it has become a larger producer since buying Dwyka Resources' diamond operations in 2007. The share price has more than halved in the past year, drifting on minuscule trading volumes. There is little to suggest that this downward trend is going to change. As a business, it has some small but tidy assets. Just not enough to excite investors in weak markets. It has spent several months modifying plants to increase production rates. At the latest operations update, in April, KimCor said its SMI4 tailings plant was processing around 2,000 tonnes a day for an average six carats per hundred tonnes recovery. Phase two expansion was due as Shares went to press, targeting 9,000 carats per month. The Newlands plant is set to process more kimberlite ore and the Nooitgedacht alluvial mine is beating recovery grade targets by 50%. It keeps issuing (mostly) positive trading updates, but the market is unimpressed. The Bellsbank project continues to struggle with water problems, and the mining and processing strategy is under review. Another problem is that Dwyka Resources owns 48% of the stock. This restricts liquidity and it dampens any speculation (which there is) that KimCor will be taken over. Dwyka isn't going to want full ownership as it is too busy with iron ore and other metal projects in Africa and now coal in the Philippines. It has already scaled back its holding from 50.09% to 48.2% to avoid having majority ownership. If you want to invest in a diamond or gemstone company, it is always worth considering quality of assets and costs of production. In this case, market sentiment is equally as important. Sentiment can change, of course, but at the moment it says stay clear of KimCor.
mirandaj: Alerted to this by a post on ii and copied here: February 29, 2008 KimCor Packs Projects Into Its Portfolio And Looks Towards Profits This Year By Our Man in the City The trouble with being a listed company is that the movers and shakers behind the stock market are never satisfied, as KimCor Diamonds is finding out. It has become a much larger producer - albeit still in the junior bracket - since it bought Dwyka Resources' diamond operations last September. This transformation, it appears, has gone unnoticed. True to its word, KimCor has hit operational targets and completed the first phase of a planned upgrade to a former De Beers project that will eventually see production nearly trebled, and costs halved. The company's schedule also includes developing underground operations and expanding a diamond recovery plant. There is hard work ahead but the end-goal is certainly achievable. So why has the company's share price fallen near six-fold in the past two years? Well, it's fair to say that KimCor has had its share of troubles, among them problems with water that affected processing rates and production at the Bellsbank diamond tailings project. This issue was resolved in early 2007 and substantial progress has since been made. What's more, Bellsbank has now been complimented by two producing underground mines, an alluvial mining operation, and another dump processing project. Logic suggests that companies should stay focused on their operations and not worry about the share price. But When KimCor is generating revenue and expanding production at a decent pace, it's hard not to be concerned about the falling market valuation, which currently stands at just under £14 million. According to one view, the problem lies with the maths behind its operations. KimCor has been eager to talk about its project but it hasn't been explicit on operating costs. Until there is transparency on this matter, its share price could continue to slide. No doubt there will be a time in the near future when these figures are laid out for all to digest, but for now investors and the mining community can only focus on earnings forecasts made by stockbroker Ambrian. Ambrian reckons KimCor could achieve US$11 million profit on sales of US$16 million for 2008. This depends on achieving annualised production of 200,000 carats in the year and is based on rough cost estimates. The biggest asset in KimCor's portfolio is the tailings plant. Having finished the first phase of the upgrade, it will increase tailings processing from the 25,000 tonnes per month delivered in 2007 to 60,000 tonnes per month during March this year. And the following month, the company will start phase two of the upgrade, which ought to deliver 150,000 tonnes per month by August. As far as the mining side of the business goes, underground development at the Newlands mine should be beginning to pay off as production ramps up to double previous rates. The current projections are 5,000 tonnes per month for recovery at an average 23 carats per hundred tonnes. Meanwhile, production levels at Nooitgedacht, an alluvial mine, are being increased by a factor of four. Diamond values have averaged at around $500 per carat, while revenue is boosted by a sideline deal to supply aggregate to the group's industrial products division, Supermix. KimCor claims that aggregate-related earnings have the potential to cover around 60 per cent of the mine's operating costs. A contractor will undertake around half of the work to help process 1.2 million tonnes per year of alluvial gravel at Nooitgedacht, from which KimCor will get 15 per cent of the gross proceeds and 25 per cent for large stones. At Blaauwbosch, a kimberlite mine supported by tailings processing, underground development continues. Not content with five producing operations, KimCor has three exploration interests including a joint venture with De Beers in Tanzania. There may even be more assets added to the portfolio as chief executive Martyn Churchouse seek
mirandaj: Hope this clears up any worries some of you have been expressing. Comment today from Ambrian following Diamond Sales Update: Diamond Production - An insightful update on production and cashflow KimCor has reported diamond sales from the group's five producing mines, as well as progress on the development and expansion plans. Results released are summarised below: • Nooitgedacht - Produced 2,651cts in the 11 months that it operated between February 2006 and October 2007 (CPR target 2008: 1,110cts pa), with an average value of US$542.1/ct (target US$500/ct). The mine is characterised by a very low average grade and a small number of exceptional stones. The plant has been reconfigured to optimise delivery of the 'waste' gravel as aggregate to the group's industrial division. • Blaauwbosch kimberlite - The emphasis is still on underground mine development and plant expansion, with the ramp-up to full production expected from April 2008. The new processing plant design capacity is 21,000tonnes per month (tpm) comprising 11,000tpm of primary ore from underground and 10,000tpm of tailings to be re-treated. The underground ore is expected to yield 3,300cts/month at US$110/ct and the tailings to yield 800cts/month at US$50/ct. Sales from the limited production YTD have been 2,886cts for US$320,107, with 179.8cts in stock. • Newlands kimberlite - The bulk of underground development is complete, with multiple sources being accessed to contribute to the planned production rate of 7,000tpm, expected to yield 1,600cts/month at US$85-100/ct. Added to which, 15,000tpm of tailings will be re-processed and are expected to yield 1,200cts/month at US$50/ct. Sales from the bulk sampling undertaken YTD have been 4,630cts for US$443,675 with 475.7cts in stock. • SMI4 - The Phase 1 expansion has been completed, enabling the plant to treat 32,000tpm for expected production of 2,000-2,200cts at US$45-60/ct. KimCor recently acquired from De Beers a 26.4% interest in the company that owns the tailings resources, securing the future stability of the sole source of feedstock and giving SMI4 a minimum additional life of ten years. SMI4 is expected to contribute 9,000cts/month after the Phase 2 expansion, of which 70% is attributable, equivalent to 30-35% of the group's annual target production from the end of 2008. Sales from the limited production in the ten months to August 2007 (when the production was suspended for expansion) have been 14,760cts for US$641,458. • Bellsbank - The recently installed dense media separation plant has increased nameplate processing capacity to 75,000tpm for expected production of 3,000cts. A further expansion should increase the production rate to 4,650cts per month. The average value of gem quality diamonds recovered at Bellsbank is US$110/ct, whilst the industrial stones command US$18/ct. With a recent ratio of 2.5:1, the blended average stone value is US$85/ct. Comment It is six weeks since the KimCor/Dwyka transaction was completed and this update provides an insightful update on production and cashflow in the current year and the progress to mine and plant expansions. The key fact is that KimCor continues to deliver on its objective of achieving production of 170,000-180,000cts in 2008 from the combined assets, funded from existing cash reserves. This translates into revenue of approximately US$15m in 2008, rising to an annual run rate of 200,000–210,000cts from 2009 and US$23–25m in revenue. The logical conclusion is that the share price will continue to appreciate and we reiterate our 12-month target price of 20p/share and BUY recommendation. Recommendation - Buy
Kimcor Diamonds share price data is direct from the London Stock Exchange
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