Thursday, September 8, 2011

Namakwa Diamonds Rises After Naming Chairman, Getting Funds

Namakwa Diamonds Ltd. a miner of the gems in Africa, jumped the most in 2 1/2 years in London trading after naming a chairman and reaching a funding accord.

Namakwa climbed 2.75 pence, or 26 percent, to 13.25 pence at the 4:30 p.m. close, the biggest one-day gain since January 2009. The Johannesburg-based company appointed Edward Haslam as chairman and named Alex Davidson as senior independent non- executive director, it said today in a statement.

The company also said it reached an agreement with Jarvirne, the investment vehicle of industrialist Eduard Prutnik, on funding for its kimberlite mining project at Kao in Lesotho.

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