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Lace Mine Production to Top 500K Cts by 2025

Expect First Revenue in 1Q 2014

Jun 1, 2012 12:34 PM   By Ricci Dipshan
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RAPAPORT... African diamond mining company DiamondCorp announced that it expects its Lace mine to reach production of 250,000 carats by 2014, more than 400,000 carats by 2015, and then 500,000 carats by 2025, according to Mining Weekly.

A SRK Consulting report recommended that mining be initiated with a block cave on level 47 of the mine. DiamondCorp's  chief executive,  Paul Loudon, noted that it would take 18 months to mine down to the 47-level.  The first revenue from the mine is expected before the end of the first quarter of 2014 with full production to be reached in the second quarter of 2015.

“Our workforce will increase from the current 62 employees to more than 200 during underground development and the majority of these jobs created will exist for the life of the mine,” Loudon said. “There will be much work to be done at Lace in that period, but with that mine's future now expected to be secure, we will be turning more seriously to the search for opportunities to build your company into a midtier diamond miner.”
Tags: DiamondCorp, Lace Mine, Ricci Dipshan
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