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Kimberley Diamonds Secures Loan to Bring Lerala to Production
Mar 1, 2016 3:00 AM
By Rapaport News
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RAPAPORT... Kimberley Diamonds has secured financing to bring the Lerala
Diamond Mine in Botswana to production, with mining scheduled to start in March
this year. Diamond production is anticipated in April and the first sale in
June.
In a statement February 26, the miner announced a $2.8
million working capital loan facility, which complements a rights issues
planned for March to April that is expected to raise $2.9 million (AUD 4
million).
Under the terms of the loan facility, Kimberley
and its Botswana subsidiary Lerala Diamond Mines have appointed Belgium-based
diamond auction house DDA Trading BVBA as the exclusive sales and marketing
agent for stones produced at the mine. This exclusivity is for three years with
an option to extend it for another two years.
Lerala
will also supply DDA with run-of-mine diamonds valuing at least $5 million at
an agreed discount to valuation.
To date, Kimberley has
raised a total of $9.3 million (AUD 13 million) through a debt facility with
Zhejiang Huitong Auction Co and $1 million under a diamond sales agreement with
Restwest Investments.
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Tags:
Botswana, Kimberley Diamonds, Lerala, Lerala Diamond Mine, mining, Rapaport News
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