KDL rebuffs Lerala sale speculation
Thursday, October 02, 2014
Lerala Mine
“It has come to the board’s attention that there have been rumours in the market that KDL is attempting or intending to sell Lerala. Such rumours are not true. KDL has no intention of selling Lerala,” the board said in a statement to the ASX.
The Lerala mine, which was acquired in February, contains 3.253 million carats valued at an average price of $74 per carat, while Smoke Creek contains an estimated 6 million carats at an average price of $30 per carat.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...