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LAF
LOLAF
Lonrho Africa Plc - 66 Carat diamond recovered in South Africa
Lonrho Africa Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho Africa" or "the Company")
66 Carat diamond recovered in South Africa
Lonrho is pleased to announce that Nare Diamonds Limited ("Nare"), has
recovered a 66 carat diamond from its Schmidtsdrift diamond mine in South
Africa. The gemstone is rectangular in shape and of very high quality. It
has not been valued but is expected to yield significant value.
This is Nare"s second discovery of a large stone at Schmidtsdrift since
production at the mine began in March 2006. In April, Nare announced the
discovery of a 235 carat stone which was octahedron in shape and of very
good quality. The diamond was sold for US$10,205.91 per carat, yielding a
total price of US$2,398,695.
Since commencing production, Nare has sold a total of 3,849 carats of
diamonds at an average price of US$1,161 per carat for an aggregate
consideration of approximately US$4.5 million. Nare"s most recent diamond
sale saw 1,177.83 carats sold for US$735,328, an average price of
approximately US$624 per carat. Included in that sale were two large
diamonds in excess of 30 carats each and six diamonds between 10 and 30
carats.
"Schmidtsdrift"s proclivity for recovering larger than average stones is
due to the quarantining of its land as a training area for the South
African Military resulting in it being previously un-prospected," said
David Lenigas, Joint Executive Chairman and CEO of Lonrho.
"We are absolutely delighted with the recovery of yet another exceptional
stone. The recovery of this 66 carat stone and the recovery of the 235
carat stone earlier this year illustrate the production potential and value
of the Schmidtsdrift operation. What is even more encouraging is that we
are finding diamonds in excess of 10 carats on a regular basis," commented
Charles Mostert, CEO of Nare.
For further information, please contact:
Lonrho Africa Plc
David Lenigas, Chief Executive +44 (0)7881 825 378
Emma Priestley, Executive Director +44 (0)7867 785 177
Strand Partners Limited +44 (0)20 7409 3494
Simon Raggett +44 (0)7769 883 666
Cardew Group +44 (0)20 7930 0777
Nadja Vetter +44 (0)7941 340 436
Eden Mendel +44 (0)7887 676 603
Emma Consett +44 (0)7971 468 308
4 October 2006
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Date: 04/10/2006 05:20:02 PM Produced by the JSE SENS Department
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