Diamondcorp requests grace on debt

[miningmx.com] – DIAMONDCORP has asked its lender, South Africa’s state-owned Industrial Development Corporation (IDC), to roll up interest payments it is due whilst the mining firm tackles geological difficulties at its Lace mine.

In an article by BDLive, DiamondCorp is quoted to have said that it did “… not expect any issues with respect to being granted this request”. The Lace diamond mine, which is situated in the Free State province, was due to begin first production this year.

“While we believe Lace will deliver good cash flows once production has started and the management team continue to work hard to achieve this in a safe manner . we are reviewing our valuation based on a revised timing of cash flows,” said John Meyer, an analyst at SP Angel.

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