30th Apr 2014 15:08
LONDON (Alliance News) - DiamondCorp PLC said Wednesday that it remains on track for commercial production ramp up from underground kimberlite mining to begin in the second half of 2015 at its Lace Diamond mine in South Africa.
The company said that underground development at the mine, via its 74% owned subsidiary Lace Diamond Mines Ltd, was close to schedule and within budget.
As at the end of March, development was 21% complete, compared to a scheduled 24% complete, it said. Development was slowed by mechanical breakdowns on its face drilling rigs and heavy seasonal rains.
The plan has processed 149,957 tonnes of tailings compared to a budget of 140,00 tonnes in the quarter to March, it said. Diamond recoveries from the mine totalled 6,953 carats during the quarter, a recovered grade of 4.64 carats per hundred tonnes. Its budget was 5.00 carats per hundred tonnes.
Diamond sales for the quarter were 7,505 carats, at an average price of USD63 per carat. Year-to-date revenue from diamond sales is USD471,160.
Shares in DiamondCorp were trading up 7.1% at 6.42 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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