Rapaport News



Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Rough Markets
Polished Markets

Merlin Diamonds Receives $5M to Restart Production

Mar 23, 2015 5:36 PM   By Jeff Miller
Print Print Facebook Facebook Twitter Twitter Share Share

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
Similar Articles
rough diamond in fingers Diamcor 150Diamcor Shifts Back into Black
Nov 19, 2019
Diamcor Mining returned to profit in the second fiscalquarter, as an efficiency program...
Zimbabwe to Take Smaller Cut of Diamond Sales
Rio Tinto Seeks Majority Stake in Canada Site
Petra Sells 20ct. Blue Diamond for $15M
AlrosaAlrosa Profit Drops in Third Quarter
Nov 10, 2019
Weak rough-diamond demand led to a decline in profit at Alrosa in the third...
Mountain Province Slides to Net Loss
Gem Diamonds Lowers Full-Year Outlook
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us