JP Morgan acquires controlling shareholding in Diamonex

BSE-listed diamond miner, Diamonex, has a new majority shareholder in JP Morgan. This follows a A$7.1 million private equity placement of 23 million shares as part of a programme resource mobilisation to fund Dimonex's Lerala Project.

Mining at the US$18 million Lerala Project is expected to start in the last quarter of this year with first production anticipated in early 2008.

Diamonex, which has a primary listing on the Australia Stock Exchange, is now 9.9 percent owned by JP Morgan which has acquired about 13 million shares of the company's issued share capital in a deal worth A$4,03 million.

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Women unite for progress

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