31st Oct 2013 14:23
LONDON (Alliance News) - DiamondCorp PLC Thursday said it is moving forward on the development of its tailings re-treatment facility at the Lace Diamond mine in South Africa.
The South Africa-focused exploratory diamond miner is moving towards production and said that underground tunnel development at the site is on track and under budget, with the first sale of diamonds from tailings to now take place after the Indian Diwali festival in November.
Kimberlite tailings are waste materials left after the recovery of diamond from diamond source rock which generally contains silica, alumina,iron oxide and magnesia. While diamonds can be recovered from the tailings, leftover wastes are used in detergents and in the creation of road pavements.
The company said it has entered into a diamond sales joint venture to give the Company the option of sharing in the polishing profits of large and high value diamonds which fall outside its ongoing Laurelton Offtake Agreement.
Diamondcorp shares were up 1.7% to 6.74 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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