Xceldiam, which is run by 40-year-old Anglo American and De Beers veteran Tim George, has a 39 per cent interest in the kimberlite prospecting licence for alluvial diamonds in the 3,000 sq km Luangue Concession in North-East Angola and 40 per cent interest in Luangue’s alluvial prospects. The company’s partners are Endiama, Angola’s state diamond mining corporation, and Bapsil, a private Angolan investment group.
George is chief executive and chairman of Xceldiam, which has previously raised £2.6 million from founders, institutions and private friends. A float price has yet to be announced.
Xceldiam is still looking for a non-executive chairman to allow George to focus on executive control. The board already includes Mike Nunn, boss of AIM-quoted blue stone specialist TanzaniteOne.