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DiamondCorp shares up 13% on SA Lace Mine news

According to Mining.com website, shares in Southern African diamond mine development and exploration company DiamondCorp climbed 13% after the company announced it has put in place a plan aimed to "unlock significant shareholder value" from its Lace Mine in South Africa, starting with $6.8 million convertible bond issue, which carries a coupon of 14%.

20 Dec 2012

Lace diamond mine is located 25km northwest of the Free State Province town of Kroonstad.

DiamondCorp said that, along with loans from a subsidiary of Tiffany's and the Industrial Development Corporation (IDC), it now has the cash required to push on with the 1.2 million tonne-a-year block cave development at Lace. "The loans from IDC and Tiffany & Co. illustrate confidence in Lace, with its above average gem content and potential for fancy lilac stones," Chief executive Paul Loudon said.

The shares were marked 0.5 pence higher to 4.25 pence, valuing DiamondCorp at $17.7 million (£10.3 million), Mining.com website says.

Read the full article on www.mining.com.