Lonrho (AIM: LONR), the conglomerate with a structured portfolio of African investments, is pleased to announce that Lonrho Mining Ltd (formerly known as Nare Diamonds), which is owned 24.16% by Lonrho, has made the following announcement to the Australian Securities Exchange this morning:
HIGHLIGHTS
- Miles Kennedy and John Firth appointed as Directors
- Charles Mostert resigned as Chief Executive Officer
- Jean Mathie appointed as Company Secretary
Australian-based diamond exploration and development company Lonrho Mining Limited (ASX: LOM) ("Lonrho Mining" or the "Company") today announced the appointment of Miles Kennedy and John Firth to its experienced management team to develop the Company's highly prospective diamond project in Angola.
Mr Kennedy and Mr Firth have been appointed as Directors of Lonrho Mining with immediate effect. Each has extensive diamond mining experience in Angola and will be responsible for taking over the development of the highly prospective Lulo Project.
Mr Kennedy was previously Executive Chairman of Australian-listed Kimberley Diamonds, which was recently acquired by Gem Diamonds plc while Mr Firth has significant experience in operating large scale alluvial and kimberlite operations in Africa including Angola.
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 of Charles Mostert 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, Angola
Geoffrey White - Non Executive Director
Kagiso Chikane - Non Executive Director
Manfred Marx - Consulting Geologist
Mr Bêrend van Deventer, who had previously advised the Company of his intention to resign as a Director due to his increased business commitments in South Africa, will continue on a consulting basis in relation to finalising the Company's South African business.
Mr Will Burbury has also resigned as Company Secretary due to his increased business interests in Australia.
Subject to the approval of shareholders, it is proposed the new management team be issued with 20 million 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 Lenigas 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."
It is also advised that the Company's offices will be relocating to a new premises from 19 September 2008. The new contact details will be:
12 Walker Avenue
West Perth WA 6005
Telephone: + 61 8 9321 5887
Facsimile: + 61 8 9321 5884
LONRHO ENQUIRIES
Lonrho Plc +44 (0)20 7016 5105
David Lenigas, Executive Chairman +44 (0)7881 825 378
Geoffrey White, Chief Executive Officer +44 (0)7717 307 308
Emma de Borchgrave, Executive Director +44 (0)7867 785 177
Pelham PR
Charles Vivian +44 (0) 20 7743 6672
+44 (0) 7977 297903
James MacFarlane +44 (0) 20 7743 6375
+44 (0) 7841 672831
Collins Stewart Europe : NOMAD to Lonrho
Hugh Field / Ned Fox +44 (0) 20 7523 8350
About Lulo
The Lulo Project is located on the eastern margin of the Cuango River catchment approximately 650km east of Luanda within the Lunda Norte Province of north eastern 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 3,000km² Lulo Diamond Concession in Angola.
On all kimberlite deposits, 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, 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 Kennedy - Chief Executive Officer (B.Juris)
Miles Kennedy has held directorships of Australian listed resource companies for the past 23 years. He was the Executive 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.
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.
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, including Angola, the Democratic Republic of Congo, South Africa, Namibia and the Ivory Coast. Mr Firth has a degree in agriculture administration from Stellenbosch University in South Africa and has completed his MBA. He is currently completing a PhD at the University of Pretoria and is based in South Africa.
For more information please visit: www.lonrhomining.com
About LONRHO:
Lonrho Plc is an expanding conglomerate that is rapidly growing a successful business throughout 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.
Since 2006, the Company has invested in or acquired control of:
Hotel Cardoso - www.hotelcardoso.co.mz (retained)
Lonrho Mining - www.lonrhomining.com
Luba Freeport - www.lubafreeport.com
Fly540 - www.fly540.com
Swissta Holdings - www.swissta.com
SA Independent Liner Services - www.saliners.com
Bytes and Pieces www.bytespieces.com
Kwikbuild - www.e-kwikbuild.co.za
LonZim - www.lonzim.co.uk
