European Diamonds Subsidiary Sells 32,000 Carats from Lesotho Mine
May 26, 07 by IDEX Online Staff Reporter
European Diamonds Plc. yesterday announced that from February 16 to May 4, it sold 32,000 carats of diamonds from its 75 percent owned subsidiary Liqhobong Mining Development Company, an open pit diamond mining operation at Liqhobong, Lesotho. The company also announced the extension of its sales agreement with BHP Billiton until April 2008.
The sales, conducted through BHP Billiton, totaled approximately $1.456 million. Since the Liqhobong Mine diamond sales began in March 2006, revenues have totaled $5.74 million.
Roy Spencer, the Company's CEO, said, "We are pleased to renew the sales agreement with BHP Billiton for a further year. The tenders that have been run on our behalf in Antwerp over the last year or so, under challenging market conditions, have optimized the revenues for our Liqhobong goods. The rough diamond market seems to have recovered somewhat from the over supply of rough and moderate polished sales conditions of 2006. Our present strategy of selling selected material from Liqhobong at the Antwerp sales and stockpiling others for later sale is geared to the present market conditions and has resulted in the company achieving better than expected values in this market."
