Aspiring African conglomerate Lonrho says 23 per cent-owned Lonrho Mining has identified 160 potential kimberlite diamond pipes in Angola.

Lonrho Mining, formerly Nare Diamonds and quoted on the Australian Stock Exchange, has completed a 1,000 km airborne magnetic and radiometric survey over the Lulo diamond concession in Angola. The company reports its independent geophysical consultant EO Kostlin has identified 217 magnetic anomalies on the concession, of which an estimated 160 ‘are likely to be kimberlite pipes’.

Lonrho Mining, which recently signed a joint venture agreement for Lulo with Angola’s national diamond company Endiama, says drilling will start this year on the six largest anomalies confirming the presence of kimberlites. By July, the company will also begin bulk sampling of alluvial deposits at Lulo.

Lonrho Mining shares have doubled Down Under over the past year to 40c (19p). On AIM, Lonrho, which is involved in hotels, aviation and food as well as resources, has fallen sharply from its 48.75p peak in January, and at 28.5p now, up 0.25p this morning, might offer some scope for a rally.

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Lonrho	AIM	£108.06m	23.75p	0.00p
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