"...Hey, Habibi, I bought you a diamond company!..." Gee... How ridiculous does that sound.
So I bought some shares of Kimberley Diamond Company (KIM.ASX) this morning, very attracted by it's considerably low price (at the moment). Entry price was $0.815 per share. The company seems to go ok, with strong sales in diamonds and all, but somehow the share price went down wildly. I hope this was a good buy, not catching a falling dagger.
Kimberley Diamond Company is an independent diamond producer listed on the Australian Stock Exchange with its corporate headquarters based in Perth, Western Australia. Kimberley's focus is mining and marketing high-value rough diamonds from its 100%-owned Ellendale Mining Operations, located some 2,000 km north of Perth in Western Australia's Kimberley region.
Commenced commercial diamond mining and marketing operations in mid-2002, Kimberley is one of only two diamond producers in Australia and is rapidly expanding its production base at the Ellendale Lamproite Field - where it controls resources containing more than 5.6 million carats.
Kimberley also holds a 55% interest in the ASX-listed diamond explorer Blina Diamonds NL, which controls a high-quality 1,800 km2 tenement package covering and surrounding the central core of the Ellendale Field, including 50 identified lamproite pipes and a number of diamondiferous alluvial channels.
Major Shareholders: AMP Limited, Merril Lynch & Co, Inc , JP Morgan Chase and Co
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