Corporate profile

DiamondCorp plc is an emerging diamond producer focused on maximising shareholder value through the development of high-margin diamond production assets. The company is incorporated in the UK, and operates in the long established diamondiferous regions of southern Africa.

Formed in March 2005, DiamondCorp is currently undertaking the development of the Lace underground mine to access a kimberlite pipe known to extend to depths below 850 metres. This historic mine, famed for its pink and purple fancies, was mined up until 1931 and only ever accessed to a depth of 240 metres. Lace Mine is located near the town of Kroonstad in South Africa's Free State Province. Production is expected by the end of 2011 at a rate of 1.2 million tonnes per annum. Lace's life of mine is estimated at around 25 years, and is expected to produce more than 400,000 carats per annum at peak production, starting in 2016.

In Botswana, which is one of the most prospective countries in the world for new diamond discoveries, DiamondCorp has entered into an exploration joint venture with a local company in respect of three diamond exploration licences in an area totaling 109.2km², and containing nine identified kimberlites. DiamondCorp can earn a 77.5% interest in the project by completing a definitive feasibility study on at least one of the kimberlites over a period of five years.

DiamondCorp is fully compliant with South African minerals legislation. Leading local black economic empowerment (BEE) groups Shanduka Resources and Sphere Holdings each hold a 13% in Lace Diamond Mines (Pty) Ltd, a subsidiary of DiamondCorp plc. DiamondCorp recently raised £7 million to fund the develop of Lace and the Botswana projects.

DiamondCorp plc is listed on the AIM Market of the London Stock Exchange and on the Alternative Exchange (AltX) of the JSE Limited in South Africa, under the abbreviated name 'DIAMONDCP', share code 'DMC'.