First Quarter Activities Report
24 Octubre 2007 - 2:23AM
UK Regulatory
Quarterly Report
For the Period Ended 30 SEPTEMBER 2007
ASX CODE: KIM
AIM CODE: KDC
OVERVIEW
* On 19 July 2007, the Company announced a recommended cash offer of
approximately $300 million by Gem Diamonds Australia Pty Ltd (GDA) (a
wholly owned subsidiary of Gem Diamonds Limited) for all the issued and to
be issued share capital of the Company (the Offer). The cash offer of $0.70
per share was unanimously recommended by the Company's directors. In
conjunction with the Offer, Gem Diamonds Limited has provided the Company
with a short term working capital facility of $10,000,000.
* 1,542,000 tonnes treated and 114,900 carats produced during the quarter for
an average grade of 7.5 carats per hundred tonnes (cpht).
* Run-of-mine sales average A$163 per carat generating revenue of A$18.7
million for the quarter.
* The strong AUD against the USD continues to adversely impact results and
the Company.
* Continuing downward trends in unit site operating costs.
1. Gem Diamonds Australia Pty Ltd TAKEOVER BID
On 19 July 2007, the Company announced a recommended cash offer of
approximately $300 million by Gem Diamonds Australia Pty Ltd (GDA) (a wholly
owned subsidiary of Gem Diamonds Limited) for all the issued and to be issued
share capital of the Company. The cash offer of $0.70 per share was
unanimously recommended by the Company's directors.
In conjunction with the offer, Gem Diamonds Limited has provided the Company
with a short term working capital facility of $10,000,000. In this regard, the
directors refer the Company's shareholders to the following ASX lodged
documents for further details.
Document Lodgement Date
Bid and Implementation Agreement Summary 19 July 2007
Bidder's Statement 16 August 2007
Target's Statement 14 September 2007
Documents relating to the takeover bid by GDA have been circulated to
shareholders.
The Board continues to recommend that all shareholders accept the offer from
GDA, in the absence of a superior offer, by the election date of 25 October
2007. The Offer closes on 2 November 2007.
2. Production Statistics
* Record 1,542,000 tonnes treated and 114,900 carats produced in the
September 2007 quarter for an average grade 7.5 carats per hundred tonnes
(cpht).
* Encouraging trends have been in evidence in relation to production
throughput and operating costs at both the Ellendale 9 East and Ellendale 4
Plants. Specifically, over a four-day period in September, when record
production throughput of 100,000 tonnes was achieved. This equates to
annualised production of 9.125 million tonnes.
* Kimberley remains of the view that further capital investment will be
rewarded by greater (and consistent) throughput and lower unit operating
costs.
3. Ellendale 4 South Plant
* 910,000 tonnes processed for the quarter.
* Broken lights screen severely impacted throughput for a period of ten days
during the quarter. These screens have now been re-engineered and should
provide greater reliability in the future.
* Despite the lights screen breakages, the South Plant continues to return
availability above its nameplate design with major components (e.g. cone
crushers) lasting much better than anticipated.
4. Ellendale 9 East Plant Expansion
* Continuing ramp-up to 450tph (3.3mtpa).
* Improvements continue to be implemented to alleviate maintenance issues,
which although reducing short term throughput should improve medium and
long term performance and reliability of the plant.
5. Marketing
* Sales of 114,900 carats at US$138/carat (A$163/carat), realising revenue of
A$18.7 million.
* Kimberley's recent sales have achieved the highest prices to date (in USD).
* A strong market and particularly a strong demand for fancy yellow product,
has driven prices for the Ellendale production above previously achieved
levels.
* The strong AUD against the USD continues to adversely impact results and
the Company.
* September quarter sales continued to include a product mix abnormally
weighted towards the lower value Ellendale 4 diamonds due to the East Plant
extended commissioning.
6. Corporate
* On 9 July 2007, the Company announced the issue of 3,000,000 unlisted
options with an issue price of $0.80 each expiring 7 May 2010 to Mr Gordon
Gilchrist for no cash consideration. This option issue was approved by
shareholders in General Meeting on 9 July 2007.
7. Operating Update
Production Statistics - Quarter Ended 30 September 2007
Plant Performance Ellendale 9 Ellendale 4 Total
Ore processed (tonnes)
July 211,000 286,000 497,000
August 229,000 341,000 571,000
September 222,000 282,000 504,000
TOTAL 662,000 910,000 1,572,000
Ore treated (tonnes)
July 202,000 286,000 488,000
August 220,000 341,000 562,000
September 210,000 282,000 492,000
TOTAL 633,000 910,000 1,542,000
Carats recovered 30,000 84,900 114,900
Treated grade (cpht) 4.7 9.3 7.5
NOTES:
*Rounding of tonnes to the nearest 1,000 and carats to the nearest 100 may
result in computational discrepancies in these tables.
*Total carats recovered include minor carat recoveries from audit process.
8. Mining Tenements
Schedule of Mining Tenements as at 30 September 2007
Tenement Area Date of Kimberley
(km2) Grant Interest
Ellendale Mining Lease M04/372 123.9 23/11/99 100%
1L04/26 1.6 01/12/04 100%
1L04/48 2.3 18/02/05 100%
1Miscellaneous Licences covering Roberts Road access to the Mining Lease.
MILES KENNEDY
CHAIRMAN
23 October 2007
The Company's Nominated Advisor is RFC Corporate Finance Ltd, contact Steve
Allen or Stuart Laing - phone +618 9480 2500.
The Australian Stock Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of this release.
KIMBERLEY DIAMOND COMPANY NL ABN 91 061 899 634
12 WALKER AVENUE WEST PERTH 6005 WESTERN AUSTRALIA PO BOX 806 WEST PERTH
WESTERN AUSTRALIA 6872
TEL (08) 9321 5887 FAX (08) 9321 5884 EMAIL general@kimres.com.au WWW
www.kimberleydiamondco.com.au
END
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