JP Morgan Asset Management has turned out the single largest shareholder of DiamonEx after it acquired a 9.9% stake of 13 million shares in the company. JP Morgan’s deal is worth around A$4 million (around US$3.3 million). The shares were part of a placement approved by DiamonEx shareholders at a general meeting on August 20.
This purchase comes at a time when DiamonEx’s Botswana Lerala diamond mine is expected to churn out the first production by early 2008. Lerala is scheduled to produce an average of 330,000 carats per year for 10 years.
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