Lace diamond mine on schedule for mid-2015 start
LONDON and JSE-listed DiamondCorp is on budget and schedule with development of the Lace diamond mine near Kroonstad in the Free State, which is due to start commercial production in the first half of 2015. This was confirmed on Monday by CEO Paul Loudon when the company announced it had drawn down the first R30m of the R220m project finance facility arranged with the Industrial Development Corporation (IDC). The IDC put the money up on condition that DiamondCorp provides the R100m balance of the R320m required to complete the mine.
DiamondCorp acquired a mining right to the property in February 2009 and will reopen the mine with an underground operation at a depth of 470m, with the aim of producing 300,000 carats of diamonds annually for the first 10 years. The mining plan indicates production could rise to 500,000 carats annually as higher grade sections of the mine at deeper levels are exploited.
DiamondCorp has already fully commissioned the processing plant and is recovering diamonds through the treatment of surface tailings dumps created by the original mining operations.... Read the full, comprehensive news article and discuss at Business Day