Pangea sets sights on production targets
12 May 2008
Mid-tier diamond producer Pangea Diamondfields has ditched two of its operations in the Democratic Republic of Congo (DRC) in a move to consolidate its projects across Africa.
Pangea had been aiming to develop at least six projects to bulk sampling phase or better by the first quarter of 2008. That target has now been hit, with progress being made at eight sites in the Central African Republic (CAR), DRC, Angola and South Africa.
The company has stopped work at the Luebo and Kasai projects in the DRC and relinquished these license areas.
Chief Executive, Rob Still, noted: The team remains focused on developing the remaining eight projects as well as assessing additional opportunities as they are presented. Our sights are set very clearly on the objective to have at least three projects in commercial scale operation and be cash flow positive by the end of 2009.”
In a research note today, Brock Salier at Pangea’s corporate broker, Ambrian, said “because the company has done many of the logistical hard yards over the last 6-12 months, it is now well placed in the region to assess rapidly any other projects.”
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