European Diamonds Proposes Name Change
October 15, 07
AIM-quoted European Diamonds PLC plans to change its name to Kopane Diamond Developments PLC. The name change is intended to reflect the company’s focus on the development of its kimberlite mining operations at Liqhobong in Lesotho, Southern Africa.
Kopane is a Sesutu word meaning unity, while the inclusion of the words “diamond” and “developments” in the new company name is also seen as portraying an accurate description of progress in the Satellite Pipe and Main Pipe projects at Liqhobong.
The company recently announced that its latest Liqhobong diamond sale, including stones from the Main Pipe, raised $3.4 million at an average price of $50.62 per carat, taking total sales from the two kimberlites to $9.12 million since March 2006.
Shareholders are being asked to approve the name change at an EGM called for November 6. European’s ticker symbol will change to KDD.