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JP Morgan becomes largest DiamonEx shareholder

Major global resource investment house, JP Morgan Asset Management has become the largest shareholder in DiamonEx Limited, having acquired 13 million shares, representing 9.9 percent of the company's issued capital, for an investment of A$4m.

The shares were part of a placement approved by DiamonEx shareholders at a general meeting this month. The total placement of 23,018,212 shares at A$0.31 per share, undertaken in July and August, raised approximately A$7.1m.

Welcoming JP Morgan to the register, DiamonEx Chairman Greg King said their investment showed confidence in DiamonEx as its Lerala project approaches production. "Construction at Lerala is well advanced, with mining scheduled to start in late 2007 and first production due in early 2008," Mr King said. "Lerala is scheduled to produce an average of 330,000 carats per year for 10 years."

"With Lerala approaching production, we look forward to the London AIM listing improving share trading access for international institutional investors that appreciate investment opportunities presented by diamond producers in African countries and Botswana in particular," Mr King said.

Source: MineBox
Date: 23.08.2007 [81]
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