25 May 2012

Diamondcorp strikes kimberlite  

11/05/2011 Robert Tyerman

Gem hopeful Diamondcorp (DCP) may tap the market after gaining access to kimberlite at South Africa's Lace mine. Chairman Euan Worthington says the first results of bulk sampling at Lace, near Kroonstad in Free State Province, will be available in two to three weeks, followed by a valuation of the stones a few weeks later.

London-based Diamondcorp, steered by entrepreneurial Australian chief executive Paul Loudon, currently cites an indicated and inferred resource of 14 million carats at Lace and Worthington contends the deposit could go 'much deeper' than the 260-metre bulk testing level. He suggests the AIM-quoted company, which also has two kimberlite prospects in Botswana, will need to raise between £8 and £10 million as part of the £31 million finance needed to take the mine to full production by the end of next year.

Floated 90p in 2007, Diamondcorp shares had a torrid history and have traded between 6.13p and 16p over the past 12 months. Highlighted by Growth Company Investor at 9.5p last year, they now change hands at 12.25p, valuing the company at £22.5 million.

With rough diamond prices firm on Chinese demand, they could make more progress, despite the funding requirement.

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Tags: AIM market, Botswana, Diamonds, Euan Worthington, Kimberlite, Kroonstad, Lace mine, Paul Loudon, South Africa, Torrid history

Sector: Mining

Companies: Diamondcorp

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