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Lace Diamond Mine - Polished diamond sales and project update
DiamondCorp plc
AIM share code: DCP & JSE share code: DMC
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp", “the Group” or "the Company")
LACE DIAMOND MINE
POLISHED DIAMOND SALES AND PROJECT UPDATE
DiamondCorp, the Southern African diamond mining, development and exploration company,
is pleased to provide the following update on diamond sales and production from the Lace
diamond mine in the Free State province of South Africa.
The 22.1 carat H coloured diamond sold to the Company's beneficiation joint venture in
January this year has been manufactured into two high quality diamonds – a 7.2 carat F
coloured VVS2 emerald cut diamond and a 0.9 carat E coloured VS1 pear shaped diamond.
The two polished stones have been sold for a total of US$261,361. DiamondCorp's 50%
share of the profit on the sale of the two polished diamonds is $71,979, lifting the total
revenue on this one stone to $182,529, or $8,256 per carat.
Commenting on the polished sales, DiamondCorp CEO Paul Loudon said: „This is an early
indication of the significant additional value which can be created through beneficiating
special and exceptional quality diamonds from Lace and gives management insight into how
the stones perform when they are cut and polished. To date, all the Lace diamonds which we
have beneficiated have improved in colour, which is critical knowledge to have for optimising
the marketing of our production.
The Company can further report that all sales proceeds from the first tender have been
collected without default and that no diamonds were held back or withdrawn from sale.
With respect to operational issues related to breakdowns on the Company's fleet of existing
underground trucks and loaders, management is pleased to report that it has acquired an
additional four Sandvik 20-tonne underground dump trucks, two Sandvik 7-tonne
underground loaders and two Sandvik single boom drill rigs. Three of the trucks have already
been delivered to site but require moderate refurbishment before entering service. The fourth
truck, two loaders and two drill rigs are nearly new, having completed less than 200m of
underground decline development at another South African non-diamond mining operation
which was closed due to low commodity prices. These units will be ready for immediate
service when delivered to the mine in the next week.
Whilst representing an unplanned additional expenditure of approximately $1 million, the total
cost of the eight vehicles, including refurbishment of the three dump trucks, is approximately a
quarter of the price of new units at current exchange rates. These vehicles will allow the
Company to achieve tonnage ramp up to deliver 30,000 tonnes per month of kimberlite from
the Upper K4 Block to the conveyor belt from July onwards. Taking into account the increase
in bottom screen size in the plant from 1.00 mm to 1.25 mm, this production will put the
Company on schedule to produce in excess of 75,000 carats from kimberlite in 2016 and in
excess of 125,000 carats in 2017.
Contact details:
DiamondCorp plc
Paul Loudon, Chief Executive
Tel: +27 56 216 1300
Euan Worthington, Chairman
Tel: +44 7753 862 097
UK Broker & Nomad
Panmure Gordon (UK) Limited
Adam James/Atholl Tweedie
Tel: +44 20 7886 2500
JSE Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)
Megan Young
Tel: +27 11 445 8068
SA Corporate Advisor
Qinisele Resources Proprietary Limited
Dennis Tucker/Andrew Brady
Tel: +27 11 883 6358
Johannesburg
19 April 2016
Date: 19/04/2016 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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