AK6 Update
02 November 2010 - 1:00PM
UK Regulatory
TIDMAFD
RNS Number : 4536V
African Diamonds PLC
02 November 2010
African Diamonds PLC
AK6 Update
· Project development on track
· Long-lead items ordered
· Senior staff engaged
African Diamonds plc ('AFD') and joint venture partners Lucara Diamond Corp. Inc
('Lucara') are pleased to announce that a formal decision to proceed with the
development and construction of the AK6 diamond project in Botswana has been
made at a recent meeting of the Boteti Mining Pty Ltd ('Boteti') joint venture
board.
Project development activities commenced upon completion of the feasibility
study in June of this year with the selection of Dowding Reynard and Associates
("DRA") as the Engineering, Procurement, Construction and Management ("EPCM")
contractor. DRA's focus areas have been the critical schedule activities which
ensure that the production target of Q1 2012 is achieved with commissioning
starting in Q4 2011. These activities included the placing of orders for long
lead time equipment, including the autogeneous mill and crushers, as well as the
award of the earthworks contract for the site civil works and the access road
upgrade. The earthworks contract mobilized to site in September. Detailed
engineering has also been advanced in support of the project schedule which is
on track.
An agreement with the Botswana Power Corp. for the supply of bulk power has been
concluded and the power line contract has been issued for tender.
Senior staff have been recruited, including the CEO, General Manager, Finance
Manager, Safety, Health Environment and Community Relations Manager, and the
Human Resources Manager, all of these are local appointments with the exception
of the Finance Manager. Significant progress has been made on environment and
community relations tasks, human resource policy, staff housing, and
recruitment. This ensures operational capacity for the project development and
the transition to operations.
John Teeling, Chairman, said:
"I am delighted at the progress being made on the development of AK6. The target
of Q4 2011 commissioning is in sight with a ramp up of production during 2012.
The demand for quality diamonds remains strong while the supply is at best flat.
When AK6 comes on stream it will be one of a limited number of kimberlite
diamond mines in production.
On 26th November 2010 shareholders in African Diamonds vote on the acquisition
of AFD by Lucara. This proposal is supported by directors and other major
shareholders so we are confident that it will be accepted. The financial and
technical strength of Lucara will ensure the rapid development of AK6."
02 November 2010
Further information:
African Diamonds Plc
John Teeling Tel: +353 1 8332833
James AH Campbell Tel: +27 83 457 3724
Finn Cap
Matthew Robinson, Corporate Finance Tel: +44 207 600 1658
Henrik Persson, Corporate Finance Tel: +44 207 600 1658
Joanna Weaving, Corporate Broking Tel: +44 207 600 1658
College Hill
Nick Elwes Tel: +44 (0) 20
7457 2020
www.afdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
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