30th Jan 2014 11:25
LONDON (Alliance News) - Diamondcorp PLC Thursday said underground development at its 74%-owned Lace diamond mine in the Free State province of South Africa, remains close to schedule and under budget.
The Southern African diamond development and exploration company said steel sets are now being installed in the boxcut ramp to provide tunnel support before the excavation is backfilled, and the underground conveyor belt system is on schedule and the first leg for installation has been delivered to site.
Diamondcrop said it has commenced surface piling for the raise boring of the life of mine vent shaft, and a 400 tonne per hour in-pit screening system which has the potential to increase tailings throughput to 150,000 tonnes per month, has been installed, about to be commissioned.
The company said drilling of the Bulge area from underground continues to confirm the potential for additional kimberlite between the 260 metres and 470 metres levels, which is not currently in the mine plan.
The group said diamond sales for 2014 will commence next month, with prices reportedly improving by between 5% and 10% since December 2013, according to its diamontaires in Antwerp.
Diamondcorp shares were trading 7.3% higher at 5.90 pence per share Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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