BDI may sell PNG mine to expand S. Kalimantan diamond mine

London Stock Exchange-listed miner BDI Mining Corp. said on Monday it had received preliminary offer from unidentified party to acquire its Papua New Guinea mining subsidiary Woodlark Mining Limited.

?The company is currently in early stage discussions with third parties which may lead to the divestment of Woodlark. Funds realized from the potential divestiture of Woodlark could be applied to further expand the Company's Cempaka diamond mine in Indonesia,? the company said.

The company also said that it had received a ?very preliminary approach? which may or may not lead to an offer for the entire issued share capital of the company. ?There is no certainty that this approach will ultimately lead to a transaction or an offer,? the company said.

BDI operates Cempaka diamond mine in South Kalimantan, with production targeted to reach 100,000 carat per year. (alex)