Diamcor seeks to raise C$5m
Canadian diamond mining company Diamcor Mining, which owns and operates the Krone-Endora at Venetia mine, in South Africa's Limpopo province, plans to complete a term loan financing of up to C$5-million.
The proceeds will be used for general corporate purposes, the deployment of additional operational equipment to support increased processing volumes, the continued advancement of the work programmes currently under way at Krone-Endora and to provide the company with additional working capital to offset the timeframes associated with the tendering and sale of rough diamonds.
Diamcor in August reported that ongoing trial mining exercises at Krone-Endora, from inception through to March 31 this year, had resulted in the incidental recovery, tender and sale of 198 279.85 ct of rough diamonds, generating revenue of $37.83-million.
During the financial year ended March 31, the company tendered and sold 18 476 ct of rough diamonds.
The company in July completed the reconfiguration of its existing generator systems at Krone-Endora, enabling it to process material without disruption as a result of rotational power cuts by South African power utility Eskom. Diamcor expects this will help it improve processing volumes and diamond recoveries.
Further, the company also took delivery of a new large excavator at Krone-Endora in July, in order to increase processing volumes and diamond recoveries.
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