JOHANNESBURG (miningweekly.com) – Dual-listed DiamondCorp plans to sell 5 130 ct of diamonds recovered before the closure of Lace diamond mine, while it works to bring the mine back into production.
The miner, which announced on November 14 that production at the mine had been halted after a flood at the mine, on Tuesday said its 310 m production level was now clear of flood water and its pumping system working on a normal basis.
The longhole drill rig, which was operating at the time of the flood, has been moved to higher ground within the mine. Remediation of the access ramp has to be completed before it is brought to surface for despatch to mining equipment manufacturer Sandvik to be rebuilt.
DiamondCorp, which had placed its Lace Diamond Mines (LDM) operating subsidiary into business rescue following the flood, on Tuesday said it was continuing discussions with its creditors.
LDM was also claiming against its insurance policy in respect of the storm damage and remediation.
Further, DiamondCorp, along with PwC, is continuing to evaluate the group’s financial projections to determine the resultant additional capital required should the business rescue proceedings be successfully concluded.