DiamondCorp puts more than 5,000 carats of diamonds up for sale
DiamondCorp, which put its Lace Diamond Mine subsidiary into business rescue on November 14, is tendering more than 5,000 carats of diamonds for sale in Johannesburg as it dries out its flooded mine and rescues a vital piece of equipment. DiamondCorp, which has suspended its shares on London’s Alternative Investment Market and the Johannesburg bourse, said it had pumped water from its underground working areas after a flash flood a couple of weeks ago inundated the mine and damaged a drilling machine. DiamondCorp has submitted an insurance claim for the damage. The company, which has come under severe cash constraints as it nears the completion of the Lace mine near Kroonstad in the Free State, is now tendering 5,130 carats of diamonds it had extracted before the mine was closed. The long-hole drill rig, which was trapped in the flooded working areas and damaged, has been hauled to a higher part of the mine and will be brought to the surface once the declines have been repaired. The...
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