re: more news for the diamond Watso, response from Miles Kennedy The600,000 tonne per annum plant is currently running at a cash operating surplus of 41% or 31% after royalties.The surplus is all being ploughed back,at this stage, into upgrade(to 2.2 million tonnes per annum throughput starting from December 2003 and reaching this by Febuary 04) and exploration. Exploration is delivering $20 million in inground inventory for every $1 million spent and at this stage we are predicting a mine life out 2015. BHP wasn,t built in its first year of operations either! We have announced we need about $5 million to complete the upgrade but will not be going back to shareholders for this money. We will debt fund it. Other than the balance owing to Argyle($11.25 million plus interest- we have reduced this debt by $13 million since last April) we have no other debt.Our revenue from the first 10 sales has been over $12 million which will rise to $31million in the year following the commissioning of the new plant fully in Febuary 2004.
Miles Kennedy
KIM
kimberley diamond company nl.
