Nare Diamonds to List on the Australian Stock Exchange

Australian diamond prospector and miner Nare Diamonds plans to go public by the end of this year. Following the completion of the ASX listing, Nare intends to seek admission to the Alternative Investment Market (AIM) of the London Stock Exchange and the Johannesburg Stock Exchange.

Nare was established in 2004 and through its South African subsidiary, New Diamond Corporation (NDC), has interests in a combination of diamond production and exploration operations in South Africa. These include the Schmidtsdrift Diamond Mine (80 percent interest), the Klipspringer Joint Venture (20 percent interest), the Groen River Project and the Kamfersdam Kimberlite Pipe and tailings operation (full ownership).

Since commencing trial mining at Schmidtsdrift in April 2006, Nare has sold a total of 3,849 carats of diamonds at an average price of US$1,161 per carat generating a total of $4,467,259. This includes a rare 235 carat stone sold in August for $10,205.91 per carat, totaling $2,398,695. Nare also recently discovered a 66 carat gemstone which has yet to be valued.

Nare has also made a number of senior appointments as it seeks to develop its operations and expand production at Schmidtsdrift: 

• Otto Graven has been appointed as Operations Manager;
• Manfred Marx as a Consulting Geologist;
• Kevin Dabinett as a Mining Consultant; and
• William Johannes as Community Liaison Officer. 

All have considerable experience of working in the diamond mining industry at companies such as De Beers, Normandy Mining, and Petra Diamonds. The firm said in a release their appointments will significantly strengthen the executive team.

“The fundraising and admission to the ASX will enable us to finalize the restructuring of NDC and fund the ongoing exploration at Schmidtsdrift and Groen River while also providing the Company with a solid platform for future growth,” said Nare Chairman Jack Griffin.