12th Dec 2016 10:05
LONDON (Alliance News) - DiamondCorp PLC said Monday operating subsidiary, Lace Diamond Mines Ltd, has completed the sale of the diamonds recovered in its South African mine before being placed in business rescue.
DiamondCorp said a total of 5,116.6 carats were prepared and sold for USD590,745 and the proceeds received. DiamondCorp said a lack of high-quality gems among the larger stones sold in its last two sales led to the average carat value for the year to date falling to USD146.0 per carat, 11% lower than its forecast average of USD164.0 per carat.
Those diamonds were mined before Lace was put into business rescue in November, hit by flooding in the mine. DiamondCorp previously has said that discussions are ongoing between the appointed business rescue practitioner and various stakeholders in order to avoid the collapse of the company, but disclosed no further details on Monday.
Shares in DiamondCorp were suspended on November 11 and last traded at 0.500 pence.
By Adam Clark; [email protected]
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