Kopane Diamond Developments upbeat despite volatile conditions
25 November 2009
Kopane Diamond Developments, the diamond producer, developer and explorer, today reported that that last 12 months had seen it sell 85,108 carats valued at $3.4 million.
The figures were substantially down on the previous year’s total of 148,824 carats and US$6.9 million because production at its main project at Liqhobong in Lesotho, southern Africa, was suspended in December 2008.
A dramatic fall in the market for diamonds saw the company put its Liqhobong operation onto care and maintenance, although the company noted today that improved market conditions had given it greater confidence about the future of the business.
To date, Kopane has produced 350,000 carats of diamonds since operations began at the end of 2005. During the last year it delivered a 141% increase in the indicated resource to 38.6 million tons, which potentially increased the depth of a future open pit to 180 metres.
Kopane’s primary focus at Liqhobong is on its Main Pipe, where the total resource increased to 90.03 million tons, up 19.1% on an interim resource statement issued in November 2008. The company now has an attributable gross diamond resource at the Main Pipe of 22.3 million carats.
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