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Lace Mine and Corporate Update
DiamondCorp plc
JSE share code: DMC & AIM share code: DCP
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp", “the Group” or "the Company")
LACE MINE AND CORPORATE UPDATE
DiamondCorp, the Southern African diamond development and exploration company, is
pleased to provide the following update on project finance with respect to the 47 Level block
cave development at the Lace mine, and on-going efforts to minimise corporate overheads.
IDC Project Finance Facility
The Company’s 74%-owned subsidiary, Lace Diamond Mines (Pty) Limited (“Lace”) has
successfully drawn down the first tranche of the R220 million project finance facility from the
Industrial Development Corporation of South Africa. The first tranche of R30 million was
received on schedule in accordance with the loan documents signed in September 2012.
As previously announced, the loan is secured over the assets of Lace and is guaranteed by
the Company. It includes representations and warranties from Lace and the Company which
are usual for transactions of this nature. The term of the loan is 7 years with an interest rate of
2% over the South African Prime Rate (which is currently 8.5%), such interest to be
capitalised for the first two years from 15 August 2013 and payable semi-annually in arrears
thereafter. There is a two year moratorium on loan repayments.
Underground development at the Lace mine continues on schedule and within budget. The
processing plant has been fully commissioned and tailings re-treatment is underway. The first
5,000 carat parcel of diamonds recovered from tailings is being prepared for marketing and
sale in October.
Relocation of Finance Function and Corporate Update
During August, the Company relocated its finance function from London to the Lace mine in
South Africa, to better align the finance, administration and operational functions. As part of
the move, the Company has appointed Ms Sanette de Wet as its Chief Financial Officer. Ms
de Wet is an accountant with more than 10 years’ experience in financial management and
audit of public and private companies and was previously the Financial Manager of
Specialised Metallurgical Projects (Pty) Limited. Ms de Wet will manage the existing finance
team in place at the Lace Mine. In addition to operational efficiencies, the relocation will result
in significant cost savings.
The Company wishes to thank the previous London-based CFO Mr John Forrest and the
Financial Controller Mr Ian Lynch for their services since the formation of the Company.
In London, DiamondCorp can confirm that Panmure Gordon (UK) Limited will act as sole UK
Broker in addition to its current role of nominated adviser.
In a continued effort to reduce corporate costs, the Company has made other savings and
continues to explore further corporate overhead cost efficiencies.
Contact details:
DiamondCorp plc
Paul Loudon, Chief Executive
Tel: +27 56 212 2930
+44 20 3151 0970
UK Broker & Nomad
Panmure Gordon (UK) Limited
Dominic Morley/Adam James/Hannah Woodley
Tel: +44 20 7886 2500
JSE Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)
Kim Dawson
Tel: +27 118097794
Johannesburg
19 August 2013
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