Nare Diamonds Sale Sparkles

2 July 2007
Content from a Premium Partner
Lonrho (London)
press release

Lonrho (AIM: LONR), is pleased to announce outstanding results from a recent sale of a parcel of diamonds by Nare Diamonds in which it holds a 20.26% stake.

Nare, which operates the Schmidtsdrift mine in South Africa, sold 2,394 carats for a total of US$2,893,656.

The sale, by public tender in South Africa was Nare's second largest since it re-commissioned the Schmidtsdrift mine in April 2006. It achieved the second highest average price of US$1,209 per carat.

Lonrho announced on the 21st June, 2007 it has increased its shareholding in Nare Diamonds from 19.06% to 20.26%.

Enquiries:

For further information, please contact:

  • Lonrho Africa Plc +44 (0) 20 7016 5105
  • David Lenigas, Chief Executive +44 (0)7881 825 378
  • Emma Priestley, Executive Director +44 (0)7867 785 177
  • Pelham PR Charles Vivian +44 (0) 20 7743 6672, +44 (0) 7977 297 903
  • Candice Sgroi +44 (0) 20 7743 6376, +44 (0) 7894 462 114

Notes to Editors:

About Lonrho:

Lonrho Plc is an expanding conglomerate that is rapidly growing a successful business throughout Africa. The Company is listed on the London AIM stock exchange (LONR). Lonrho is strategically focused on the development of business opportunities in infrastructure, transportation, support services and natural resources. The Company has over 20,000 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.

Since 2006, the Company has invested in or acquired control of:

  • Hotel Cardoso - www.hotelcardoso.co.mz (retained)
  • Nare Diamonds - www.narediamonds.com
  • Brinkley Mining - www.brinkley-mining.com
  • Luba Freeport - www.lubafreeport.com
  • Fly540 - www.fly540.com
  • Norse Air - www.norseair.co.za
  • Swissta Holdings - www.swissta.com
  • Countermine plc - www.countermine.com

About Nare Diamonds Ltd

Nare Diamonds is an Australian diamond mining company with a portfolio of exploration and production assets in southern Africa. The Company is headed up by Mr Charles Mostert and has interests in four Diamond mining projects: Schmidtsdrift, Kamfersdam, Groen River and the Klipspringer Joint Venture. The Schmidtsdrift diamond mine is comprised of six contiguous farms located on the Western bank of the Vaal River covering a total combined area of 320km2. The mine is a producing alluvial diamond mine. Prospecting and trial mining activities, since 2001, have provided consistent historical production. Reho have recovered 5,686 carats since April 2006. This was at an average grade of 0.63 carats per hundered tonnes, with an average stone size of 1.41 carats. 177 stones that exceeded 5 carats in individual size were mined during this period as well as a rare 235 carat diamond.

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