Exploration group African Diamonds said production from its Botswana diamond joint venture with De Beers could begin as early as 2008 and has the potential to become one of the world's top diamond mines.
The Dublin-based company said the conceptual study report for its AK6 diamond discovery at the Boteti Exploration project is expected to be completed by the end of 2006, some 12 months ahead of schedule. A definitive diamond valuation exercise is due to take place in May.
African Diamonds said in January the diamond discovery in Botswana could be worth as much as $360 million (€296.6 million). John Teeling, the company's chairman and founder, said the discovery would be "the making of our company".
The exploration company, whose shares are listed on London's Alternative Investment Market, raised £4.5 million (€6.4 million) from a private placement in January and has enough working capital to fund its Botswana project beyond the end of this year.
The Irish company, which is also searching for diamonds in parts of western Africa, has a 49 per cent stake in the Botswana venture, with the remainder being held by De Beers. Once a feasibility study has been completed and drilling commences, African Diamonds' stake will fall to 30 per cent.
