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"LONRHO Mining is selling non-core assets to focus on its Angolan diamond project. Australia-based Lonrho Mining will diversify into other minerals in ..."
LONRHO Mining is selling non-core assets to focus on its Angolan diamond project. Australia-based Lonrho Mining will diversify into other minerals in southern Africa with focus on bulk commodities.
It is selling some of its diamond exploration assets to focus on developing its Lulo diamond project and pursue a diversification strategy into southern Africa.
Sets sights on dual listing
The diamond miner expected to have a dual listing on London’s AIM before the end of this year, followed by a listing on the JSE early next year, CEO Charles Mostert said yesterday.
Lonrho , which is listed on the Australian Stock Exchange, said in a regulatory announcement it had decided to defer the AIM listing so that it could finalise the sale of noncore assets, complete negotiations on the acquisition of new assets and conclude its initial bulk-sampling programme at its Lulo concession in Angola.
The company owns the Schmidtsdrift alluvial diamond mine 80km west of Kimberley, which has discovered some exceptional stones including, this year, two diamonds of 61,30 carats and 18,39 carats each.
It also owns an alluvial diamond exploration property at Groen Rivier in Northern Cape and a minority stake in the Klipspringer joint venture project near Mokopane in Limpopo.
It has agreed to sell its interests in the Kamfersdam tailings project near Kimberley to Meepo Investment Consortium.
Mostert said Lonrho Mining’s other noncore assets were Groen Rivier and Klipspringer, but it intended to grow output from the Schmidtdrift mine to 2000 carats a month before the end of this year from 1000 carats a month at present.
Lonrho Mining said in its Australian Stock Exchange announcement it was evaluating a number of bulk commodity projects in southern Africa. Mostert said the type of bulk commodities the company was pursuing included coal, iron ore, chrome and manganese in southern Africa.
The strategy was to buy assets in production that would deliver cash in the short term.
In the long term, Lonrho is focusing on developing the property at Lulo, in which it has a joint venture with state diamond company Endiama.
The company will hold a 39% interest in kimberlite deposits at Lulo, which will drop to 30% once its expenditure is recouped, and a 40% stake in alluvial deposits.--Bday
It is selling some of its diamond exploration assets to focus on developing its Lulo diamond project and pursue a diversification strategy into southern Africa.
Sets sights on dual listing
The diamond miner expected to have a dual listing on London’s AIM before the end of this year, followed by a listing on the JSE early next year, CEO Charles Mostert said yesterday.
Lonrho , which is listed on the Australian Stock Exchange, said in a regulatory announcement it had decided to defer the AIM listing so that it could finalise the sale of noncore assets, complete negotiations on the acquisition of new assets and conclude its initial bulk-sampling programme at its Lulo concession in Angola.
The company owns the Schmidtsdrift alluvial diamond mine 80km west of Kimberley, which has discovered some exceptional stones including, this year, two diamonds of 61,30 carats and 18,39 carats each.
It also owns an alluvial diamond exploration property at Groen Rivier in Northern Cape and a minority stake in the Klipspringer joint venture project near Mokopane in Limpopo.
It has agreed to sell its interests in the Kamfersdam tailings project near Kimberley to Meepo Investment Consortium.
Mostert said Lonrho Mining’s other noncore assets were Groen Rivier and Klipspringer, but it intended to grow output from the Schmidtdrift mine to 2000 carats a month before the end of this year from 1000 carats a month at present.
Lonrho Mining said in its Australian Stock Exchange announcement it was evaluating a number of bulk commodity projects in southern Africa. Mostert said the type of bulk commodities the company was pursuing included coal, iron ore, chrome and manganese in southern Africa.
The strategy was to buy assets in production that would deliver cash in the short term.
In the long term, Lonrho is focusing on developing the property at Lulo, in which it has a joint venture with state diamond company Endiama.
The company will hold a 39% interest in kimberlite deposits at Lulo, which will drop to 30% once its expenditure is recouped, and a 40% stake in alluvial deposits.--Bday
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