0(25 Jan 2009 16:04
DiamonEx Requests Suspension of AIM-Listed Share
By Avi Krawitz Posted: 01/25/09 07:21
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RAPAPORT... DiamonEx Limited has requested that trading of its shares on London’s Alternative Investment Market (AIM) be suspended as the junior diamond mining company reviews the financial position at its Botswana subsidiary. The company explained that it made the request after applying to the High Court of Botswana for an order to place its 100 percent owned subsidiary DiamonEx Botswana Limited into judicial management.
DiamonEx has full ownership of the Lerala mine and held its first sale of diamonds from the mine in October, selling 10,612 carats for a “disappointing” $20 per carat, “reflecting an abnormally depressed market,” the company said at the time. The mine is expected to produce 330,000 carats a year over a 10-year lifespan at full production.
DiamonEx requested that trading of its shares be suspended as of Friday, January 23, 2009. The company is also listed on the Australia Stock Exchange and the Botswana Stock Exchange.