London, England — MININGREVIEW.COM — 23 September 2008 – Global Diamond Resources – a company set up to explore and develop diamond resources in Southern Africa – is planning to double the monthly production rate at its Kao mine in the Kingdom of Lesotho.
The company told Reuters in an interview here said it was planning a listing next year to raise the required funds. More than 5 000 carats have been recovered from the mine since it was commissioned in November last year. The largest stone to date was 49 carats.
Global went on to say that the planned increase in production was expected to result in an output of 160 000 carats in 2009. It added that the company had also agreed a joint venture with an unnamed South African alluvial mining company to treat weathered kimberlite at the mine.
Global – which also has concessions in the Democratic Republic of Congo (DRC) – aims to raise 25 million pounds (R360 million) in 2008 to complete stage one of the Kao mine and repay high interest loans.
It planned a listing on an international stock exchange for next year to raise funds for stages two and three of the Kao mine, but did not say which bourses it was considering.