Kazera Global subsidiary extends mining rights at Alexander Bay

(Sharecast News) - Kazera Global revealed on Thursday that its Deep Blue Mineral subsidiary has entered into a memorandum of agreement with Alexkor SOC to extend its right to mine diamonds at its Alexander Bay. Kazera said Deep Blue, which already has the right to mine diamonds on the land, will now also have the right to mine beach and shore diamonds.

The AIM-listed group stated the mining concession was for a five-year period and also includes a 12-month probation period during which time Deep Blue must demonstrate that it has been actively operating and meeting necessary requirements in respect of health and safety compliance, capacity and production rates.

Chief executive Dennis Edmonds said: "We are delighted to have secured this new, extended contract directly with Alexkor, which marks a significant milestone for DBM as we ramp up our diamond mining operations. The five-year term not only offers long-term security and operational stability but also expands the areas in which we can mine for diamonds. We see this as a clear vote of confidence in both DBM's capabilities and in our potential to rejuvenate diamond mining in the Alexander Bay area."

As of 1030 BST, Kazera shares were up 1.49% at 1.62p.



Reporting by Iain Gilbert at Sharecast.com