In the media

London-listed Free State diamond miner to produce year ahead of plant

14 March 2008

Source: Mineweekly

Author: Matthew Hill

Aim-listed gem producer DiamondCorp said last week that it would bring the second phase of underground production at its Lace mine, in the Free State, into production in the second half of 2008, one year ahead of plans.

The company said that the mine was “at the mercy of Eskom” for now, but that it would start getting alternative power by midyear.

Further, DiamondCorp should complete its application to list on the JSE in “the next few weeks”, chairperson Euan Worthington stated.

“After that, and when market conditions improve, we are likely to issue a tranche of new shares to South African investors to enhance liquidity and provide capex for underground mine development and a milling circuit in the processing plant,” it said in a statement distributed by the Regulatory News Service.

This was the second time that DiamondCorp had pushed back its Johannesburg listing.

The company said that an underground ramp was “well advanced towards the primary kimberlite and we are on target to take a bulk sample from there in the third quarter” of 2008.

DiamondCorp said that if it received the requi-site permitting, it could start processing underground ore by the end of the year.

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