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S. African Ministry Issues Shut Down Notice at DiamondCorp's Lace Mine

October 13, 16 by Albert Robinson

(IDEX Online) – Southern African diamond mining, development and exploration company DiamondCorp has been issued with a Section 54 shut down notice on underground operations at its Lace diamond mine in the Free State province.

 

The notice was issued by the South African Department of Mineral Resources (DMR) and relates to a fire on a dump truck which was extinguished without injury.

 

The instructions issued by the DMR include a request for an "external ventilation audit team to inspect the mine for smoke and other gases".

 

The firm said that mine management "is struggling to find logic in the instruction and is considering its options including legal means of redress. The company expects that underground mining operations will remain suspended for at least one week".

 

The company also said that in addition to its longer term financial requirements, it requires additional funding in the very near term of £500,000 for immediate financial commitments in order to continue trading as a going concern. The company remains in discussion with a third party for the provision of a convertible debt facility to satisfy this requirement.

 

"However, no assurances can be given at this stage that the provision of such finance will be entered into either in time or at all. In the absence of such a facility, it is likely that the group will be unable to continue trading as a going concern. The company will update shareholders accordingly.

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