News & Comment
Diamond and gold hopeful BDI Mining has agreed a £42 million cash bid from Full List newcomer Gem Diamonds.
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Diamond and diamond play BDI Mining is evaluating 'funding options' after expanding output and resources in Papua New Guinea, having lost £1.7 million last year.
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Gold and diamonds venture BDI Mining has sold gems from its Cempaka mine in Indonesia for £790,000.
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As foreshadowed here, BDI Mining Corporation has received high-grade gold assays from Woodlark Island in Papua New Guinea.
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BDI Mining Corporation is optimistic that independent estimates will soon show significant increases in estimated potential diamond and gold resources.
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In an article entitled ‘BDI loses £18m’ on 29 April 2005 on this website we stated that BDI Mining Corporation lost £18 million last year. This was in fact a factual error and we would like to point out that, for the year to 31 December 2004, the company only lost C$4.27 million (£1.8 million).
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AIM-quoted BDI Mining Corporation, which has interests in Indonesian gem projects and gold prospects in Papua New Guinea, lost £18 million last year, writes Robert Tyerman.
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Recommendations
It has been a one-way ride in BDI Mining Corp this year, with shares in the Aussie diamond and gold mining business falling from 37p in January to a recent 17.5p low.
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