DiamondCorp, which is developing a new diamond mine near Kroonstad in the Free State, asked for trade in its shares to be suspended after its mine flooded and the company estimated it would take three months to dry and repair a critical machine. DiamondCorp’s finances have been stretched to breaking point and it secured a £700,000 facility from Rasmala, a UK-based investment firm, in October, meeting its immediate short-term cash needs, but talks to secure more than £2.5m to bring Lace mine into commercial production in 2017 continue. DiamondCorp CE Paul Loudon declined to make any comment on the state of the company apart from saying the company was not "down and out" yet and the board was doing all it could to save the company that had come under scrutiny from potential buyers. The shares have been suspended in London and Johannesburg after Lace received a third of its annual rainfall in two thundershowers last Friday that flooded the underground working areas.
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