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12 Sep 2008 12:06
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12thΒ September 2008
Lonrho Plc
("Lonrho")
LONRHO MINING
KENNEDYΒ ANDΒ FIRTH JOIN LONHRO
MANAGEMENT TEAM
Lonrho (AIM: LONR), the conglomerate with a structured portfolio of African investments, is pleased toΒ announceΒ that Lonrho Mining Ltd (formerly known as Nare Diamonds), which isΒ owned 24.16% by Lonrho, has made the following announcement to the AustralianΒ Securities Exchange this morning:
HIGHLIGHTS
Miles KennedyΒ andΒ John FirthΒ appointed asΒ Directors
Charles Mostert resigned as Chief Executive OfficerΒ
Jean Mathie appointed as Company Secretary
Australian-based diamond exploration and development company Lonrho Mining Limited (ASX: LOM) ("Lonrho Mining" or the "Company")Β today announcedΒ the appointment of Miles Kennedy and John Firth to itsΒ experienced management teamΒ to develop the Company's highly prospective diamond project inΒ Angola.
MrΒ KennedyΒ andΒ MrΒ FirthΒ have been appointed as Directors of Lonrho Mining with immediate effect.Β Each hasΒ extensive diamond mining experienceΒ inΒ AngolaΒ and will be responsible for taking over the development of the highly prospective Lulo Project.
MrΒ Kennedy wasΒ previously Executive ChairmanΒ of Australian-listed Kimberley Diamonds,Β which was recentlyΒ acquiredΒ by GemΒ DiamondsΒ plc while MrΒ FirthΒ has significant experience inΒ operating large scale alluvial andΒ kimberlite operationsΒ in Africa includingΒ Angola.Β
Jean Mathie has been appointed as Company Secretary, having recently been Company Secretary of Kimberley Diamonds and Blina Diamonds NL.
The Board also announced the immediate resignation ofΒ Charles MostertΒ as Chief Executive Officer and extended its thanks to Mr Mostert for his significant contribution to the company and its best wishes for his future endeavours.
The new Board and management team of Lonrho Mining will comprise:
David Lenigas - Non Executive Chairman
Miles Kennedy - Chief Executive Officer
John Firth - Operations Director,Β Angola
Geoffrey White - Non Executive Director
Kagiso Chikane - Non Executive Director
Manfred Marx - Consulting Geologist
Mr BΓͺrend van Deventer, who hadΒ previouslyΒ advised the Company of his intention to resign as aΒ Director due to his increased business commitments inΒ South Africa, will continue on a consulting basis in relation to finalising the Company's South African business.Β
Mr Will Burbury has also resigned as Company Secretary due to his increased business interests inΒ Australia.
Subject to the approval of shareholders, itΒ isΒ proposed the newΒ managementΒ team be issuedΒ with 20 millionΒ share options as part of their remuneration packages, each with an exercise price of $0.375 and an expiry date of 30 June 2010.
Commenting on the appointments, Chairman David LenigasΒ said:
"The appointments of Miles Kennedy and John Firth reinforces the Company's strong commitment to bring our highly prospective Lulo Project into production as quickly as possible.
"Both Miles and John have an intimate knowledge of the diamond industry, particularly in Africa and Angola specifically, and their experience will be invaluable in assisting Lonrho to quickly progress development of our project," Mr Lenigas said."Β
It is also advised that the Company's officesΒ willΒ be relocatingΒ toΒ a new premisesΒ fromΒ 19 September 2008. The new contact details will be:
12 Walker AvenueWest PerthΒ WAΒ 6005
Telephone:Β +Β 61Β 8Β 9321Β 5887
Facsimile:Β + 61 8 9321 5884
LONRHO ENQUIRIES
|
LonrhoΒ Plc |
+44Β (0)20Β 7016Β 5105 |
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DavidΒ Lenigas,Β Executive Chairman |
+44Β (0)7881Β 825Β 378 |
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Geoffrey White, Chief Executive Officer |
+44 (0)7717 307 308 |
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EmmaΒ de Borchgrave,Β ExecutiveΒ Director |
+44Β (0)7867Β 785Β 177 |
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Β |
Β |
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Pelham PR |
Β |
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CharlesΒ Vivian |
+44Β (0)Β 20Β 7743Β 6672 |
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Β |
+44Β (0)Β 7977Β 297903 |
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James MacFarlane |
+44Β (0)Β 20Β 7743Β 6375 |
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Β |
+44Β (0)Β 7841 672831 |
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Β |
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Collins Stewart Europe : NOMAD to Lonrho |
Β |
|
Hugh Field /Β Ned FoxΒ |
+44Β (0)Β 20Β 7523Β 8350 |
About Lulo
The Lulo Project is located on the eastern margin of theΒ CuangoΒ RiverΒ catchment approximately 650km east ofΒ LuandaΒ within theΒ LundaΒ NorteΒ ProvinceΒ of northΒ easternΒ Angola. The Company has signed Joint Venture Agreements with Endiama, the national diamond company of Angola and exclusive concessionary for Angolan diamond mining rights, to develop the highly prospective 3,000kmΒ²Β Lulo Diamond Concession in Angola.
On all kimberlite deposits,Β Lonrho's participating interest will initially be 39% of the joint venture which will decrease to 30% after recoupment of its investment in the Project. On all alluvial deposits,Β Lonrho's participating interest will be 40% in the joint venture. Under the terms of the joint venture agreement with Endiama, Lonrho has paid a cash deposit of US$1.4 million (A$1.54 million) which is refundable after exploration expenditure of an equal amount by Lonrho within nine months after signing the joint venture agreement. Lonrho is also required to fund a work program for which the first year of exploration expenditure will total US$6 million (A$7 million). Under the terms of the joint venture, the Company will also receive in priority the funds it has expended on exploration from future cash flow from mining operations.
Director CVs
Miles KennedyΒ -Β Chief Executive OfficerΒ (B.Juris)
Miles Kennedy has held directorships of Australian listed resource companies for the past 23 years. He was theΒ ExecutiveΒ Chairman of Kimberley Diamond Company NL from September 1993 until December 2007 and non-executive Chairman of Blina Diamonds NL from November 2002 until December 2007.Β
Mr Kennedy is the current non-executive Chairman of Marine Produce Australia Limited (since February 2006) and is a non-executive director of Pangea Diamondfields plc, which has diamond interests in four African countries. He was also the founding Chairman of Macraes Mining Company Ltd.Β
He has extensive experience in the management of public companies with specific emphasis in the resources industry. He is a Barrister and Solicitor of the Supreme Court of Western Australia and the High Court of Australia. He is also an Attorney of the Supreme Court of South Africa.
John Firth - Operations Director (MBA, B.Agric.Admin)
John Firth has extensive experience in the exploration, production and marketing of rough diamonds in various countries, includingΒ Angola, the Democratic Republic of Congo,Β South Africa,Β NamibiaΒ and theΒ Ivory Coast. Mr Firth has a degree in agriculture administration fromΒ StellenboschΒ UniversityΒ inΒ South AfricaΒ and has completed his MBA. He is currently completing a PhD at theΒ UniversityΒ ofΒ PretoriaΒ and is based inΒ South Africa.
For moreΒ information please visit:Β www.lonrhomining.com
About LONRHO:
Lonrho Plc is an expanding conglomerate that is rapidly growing a successful business throughoutΒ Africa. The Company's shares are traded on the London AIM stock exchange (LONR). Lonrho is strategically focused on the development of business opportunities in infrastructure, transportation, support services, hotels and natural resources. The Company has over 19,000 shareholders and substantial institutional backing to support its mandate to build a profitable business that plays a fundamental role in the development of the African economy.Β
Β
Since 2006, the Company has invested in or acquired control of:Β
Hotel Cardoso -Β www.hotelcardoso.co.mzΒ Β (retained)
Lonrho Mining -Β www.lonrhomining.comΒ
LubaΒ FreeportΒ -Β www.lubafreeport.comΒ
Fly540 -Β www.fly540.comΒ
Swissta Holdings -Β www.swissta.comΒ
SA Independent Liner Services -Β www.saliners.comΒ
Bytes and PiecesΒ www.bytespieces.comΒ
Kwikbuild -Β www.e-kwikbuild.co.zaΒ
LonZim -Β www.lonzim.co.ukΒ
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