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Merlin Diamonds Receives $5M to Restart Production

Mar 23, 2015 5:36 PM   By Jeff Miller
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RAPAPORT... Merlin Diamonds Limited received a refund of approximately $4.5 million related to a research and development expenditure grant for new mining techniques at the company's flagship Merlin diamond mine in the Northern Territory, Australia. The company confirmed that these funds, from the Australian Taxation Office (ATO), provide a significant portion of the capital required to bring the mine into production.

Merlin Diamonds' CEO, Joseph Gutnick, explained, "We are very pleased to have secured the $4.5 million refund from the ATO at this critical stage in the development of the Merlin diamond mine. We are very confident that this funding represents a major step toward recommencing production at the Merlin mine, as our clamshell grab mining method requires significantly less capex and lead time. We look forward to updating shareholders with project development initiatives over the coming months."

Over the past 12 months, Merlin has completed a bankable feasibility study on the Merlin diamond mine and plans to resume kimberlite ore mining from eight  existing open pits this year. 

Tags: Australia, diamonds, funding, Jeff Miller, merlin, mining
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