In the media

DiamondCorp agrees terms of $6mln Tiffany loan

07 January 2013


Author: Ian Lyall

DiamondCorp (LON:DCP) has now formally agreed the terms of a US$6mln loan from a subsidiary of Tiffany & Co.

In exchange the upmarket jeweller has secured an off-take agreement for production from the Lace Mine in South Africa’s Free State.

The terms of the loan are unchanged from those outlined when the deal with the upmarket jeweller was first unveiled last November.

DiamondCorp can now pull the trigger on a convertible bond issue, which will then mean the group is fully funded to complete the planned development of Lace.

Chief executive Paul Loudon said: "Signing of binding agreements with Tiffany finalises the Lace funding package and allows underground development to commence this month and tailings retreatment and diamond production to recommence by March.

“We are very excited to have secured such a prestigious funding partner as Tiffany and our highly experienced and committed mine development team are motivated and ready to start accessing the 13 million carats of diamonds available for recovery at Lace.”

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