DiamonEx Botswana Mine to Start Operations By 2007

Australian-based mining company, DiamonEx is to begin diamond mining in Botswana by 2007. The deposits in the Martins Drift area mine were initially discovered by De Beers.

According to a statement from Stockbrokers Botswana, a feasibility study by the company confirms Martins Drift as a project with a high operating cash flow and capital payback within three years. Operating cash flow over 10 years is expected to be $100 million on revenue of $230 million. 

DiamonEx expect to mine and process approximately 1.3 million tons of ore per year to produce an average of 330 000 carats of diamonds per year over 10 years.

DiamonEx is a Brisbane based Australian public company. It is listed on the Australian Stock Exchange and Botswana Stock Exchange.