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DiamondCorp Extends 1H Loss

Sep 2, 2013 5:59 AM   By Deena Taylor
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RAPAPORT... DiamondCorp reported a loss of $2.9 million (GBP 2.2 million) for the first half of the fiscal year that ended on June 30, compared with a loss of $2.4 million (GBP 1.6 million) one year ago.
The South Africa-based diamond mining and exploration company commenced production at its underground Lace mine in South Africa. The mine remains on schedule and within budget to begin production in the first half of 2015.

The mine is expected to produce up to 500,000 carats of diamonds a year over 25 years, Paul Loudon, DiamondCorp's CEO, reported.

In January, the company finalized a $33.1 million (GBP 21.2 million) loan agreement with Tiffany & Co.'s wholly owned subsidiary Laurelton Diamonds Inc.  DiamondCorp has since drawn  $2.9 million (GBP 1.9 million) on the loan.

Loudon added the period also marks the commencement of a long-term association with Tiffany, which allows the prestigious jewelry retailer access to a new supply of diamonds that meets its quality standards and allows for increased traceability from source to end-user.

DiamondCorp also refurbished its Lace diamond recovery plant during the period. The plant has been successfully commissioned and is designed to process 1.2 million tonnes of tailings per year. The company also began the re-treatment of more than 3 million tonnes of tailings that remain on site and is presently preparing for the sale of the first 5,000 carats of recovered diamonds.
Tags: Deena Taylor, DiamondCorp, Lace underground mine, tailings
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