Kazera Global share price jumps by 43%
Kazera Global shares (LON:KZG) soared on Thursday following the company releasing a positive update on its diamond production, as well as a proposed funding package.
The mining company confirmed its final tally of sorted diamonds had risen to 242 from the 220 carats expected the month before.
On the assumption that the price per carat is $200, the company will cover the cost of its South African operation. Kazera Global added that it expects its diamond production to be “materially profitable” in a trading update.
Dennis Edmonds, Kazera Executive Director managing the South African projects, commented:
“The latest diamond results mean that our South African operation is now covering its own overheads. The additional revenues from the gravel stockpile and the two new areas of operation indicate that this project should be a major cash generator for the Company in the near future.”
The company confirmed a €9,130,000 investment package from a Namibian investor is close to completion, with relevant due diligence set to be completed.
Upon the news being release the Kazera Global share price jumped up by 43% to 1.75p per share.
Larry Johnson, Kazera Chief Executive Officer, commented:
“The proposed investment will be transformational in allowing us to build the water pipeline, construct the tailings dam that will enable us to recover water whilst facilitating waste storage in an environmentally sound manner, and to bring the processing plant back on line. It will also allow us to continue to explore the vast property with a third phase core drilling program, so adding further valuable resource to our world class tantalum and lithium assets. “
“We will also be able to continue exploring other opportunities available to us and to accelerate progress on our recent investments in South Africa.”
“The process has taken longer than anyone expected but reflects the structured and disciplined way in which Namibia approaches foreign investment, ensuring strict global compliance is met through rigorous documentation and KYC.”
