Lonrho Africa Plc - Lonrho Africa Announces Diamon
LAF
LOLAF
Lonrho Africa Plc - Lonrho Africa Announces Diamond Sale
Lonrho Africa Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho Africa" or "the Company")
LONRHO AFRICA ANNOUNCES DIAMOND SALE
Lonrho Africa is pleased to announce that Nare Diamond"s Ltd ("Nare") has sold
its first parcel of stones including the 235.03 carat diamond discovered at the
Schmidtsdrift mine in the Republic of South Africa. The diamond was sold for
US$10,205.91 per carat, yielding a total price of US$2,398,695.
The Company sold an additional parcel of 381.77 carats of diamonds also
discovered at the Schmidtsdrift mine for a sum of US$226,305. The average price
was US$592.78 per carat and the average size of the diamonds was 1.52 carat per
stone. This parcel was discovered within the first 14 days of the commissioning
of the mine.
These sales are part of Nare"s strategic business plan. The second diamond
project, Kamfersdam tailings operation, will become functional within the next
couple of weeks.
Lonrho Africa subscribed for 14.44 million ordinary shares at 10.4 pence per
share as part of a pre-IPO funding on 11 April 2006. This GBP1.5 million
investment represents a 17% holding of Nare"s issued share capital. Nare is
seeking an admission to AIM in the first half of 2006.
Commenting on the announcement, David Lenigas, Joint Executive Chairman of
Lonrho Africa, said:
"These diamond sales underline the potential of Nare. In the short space of
time since trial mining started at the Schmidtsdrift mine, Nare has produced
significant value for Lonrho shareholders."
Enquiries
Lonrho Africa
Emma Priestly
+44 (0)20 7016 5100
Nare Diamonds Limited
Charles Mostert
+44 (0)20 7321 0000
Cardew Group
Nadja Vetter / Eden Mendel / Emma Consett
+44 (0)20 7930 0777
30 May 2006
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Date: 30/05/2006 09:09:30 AM Produced by the JSE SENS Department
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