IRISH mining company African Diamonds has been bought out by its Canadian counterpart, Lucara, for around €58.5 million.

AFRICAN Diamonds – the Dublin-headquartered mining company – has reported pre-tax losses of £205,000 (€230,000) for the first half of its current financial year.

MINING company Kenmare Resources is hopeful of significantly increasing production levels at its Moma Titanium Minerals mine in Mozambique and extending the asset into a neighbouring resource containing 140 million tonnes of heavy minerals. In a trading update, Kenmare said it produced nearly 560,000 tonnes of ilmenite at Moma last year and should pass 700,000 tonnes in 2010.

AFRICAN DIAMONDS, the Irish AIM and Botswana-listed diamond explorer, has received a letter from the Botswana Ministry of Minerals, Energy and Water Resources stating that the negotiation period for the AK6 mining licence terms and conditions has been extended until the September 30, 2008.