P240 Million Profit Expected From Ak06 Mine

Speaking at a shareholders meeting in Gaborone last Thursday, AF Diamonds Chairman John Teeling said that following the end of their dispute with diamond giant De Beers, the mine is now scheduled to come on stream in 2011 with the full year of production expected in 2013." At full production, AK06 will each year produce around one million carats of diamonds expected to realise over 200 million in revenue.

The added advantage with our new partners, Lundin group is that we will be able to market around 400,000 carats ourselves, a provision which we didn't have under the partnership with De Beers," he said. AK06, which was discovered by De Beers in 2004, is a 9.5-hectare Kimberlite pipe grading 22 plus carats per tonnes containing high value diamonds. It has an indicated open cast resource of upto 372 metres, which translate to about 8.9million carats.