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Diamondcorp's Lace Mine Development Is Behind Schedule and Over Budget
Aug 2, 2015 7:09 AM
By Rapaport News
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RAPAPORT... DiamondCorp said that underground development at its Lace diamond mine in South Africa was four weeks behind schedule and over-budget due to safety concerns. Development costs during the quarter that ended June 30, 2015 exceeded budget by 19 percent to $3,483 (ZAR 44,193) per meter, as the pace of construction slowed.
Management is trying to bring development closer to schedule but options for speeding up work without increasing safety risks were limited.
DiamondCorp also raised $8.2 million (GBP 5.3 million) during the quarter to ensure sufficient working capital to bring Lace to commercial production as well purchase additional equipment to enhance mine economics. The funds were raised through the placement of shares with institutional investors and an oversubscribed open offer to all eligible shareholders, adding 21 million shares to the company's 355 million outstanding shares.
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Tags:
delay, DiamondCorp, explorer, Lace, mine developer, Rapaport News, South Africa
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