VANCOUVER - One of the most controversial African diamond producers of the 1990s is distancing itself further from its past. After a strategic review prompted by a share price in steady decline since 2005, Energem (ENM-T, ENMFF-o) is shedding its long-held Koidu diamond mine in Sierra Leone, among other assets, to focus on midstream oil, gas, and biofuels. In summing down its holdings and focusing on fuel, Energem (previously DiamondWorks) is completing a thorough restructuring that began in 2001 when the company's present-day controlling shareholder, Lyndhurst Ltd., bought in, reducing the old shareholders to below 1 percent and installing new management into what was largely a failing mining and exploration company.
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