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DiamondCorp Names Deloitte's Terblanche Business Rescue Practitioner

Tue, 22nd Nov 2016 10:53

LONDON (Alliance News) - DiamondCorp PLC on Tuesday said Daniel Terblanche has been appointed as the business rescue practitioner for its operating subsidiary Lace Diamond Mines (Pty) Ltd.

Terblanche is an associate director of Deloitte Touche Tohmatsu Ltd.

DiamondCorp's subsidiary, which operates its primary asset in South Africa, the Lace Diamond mine, was placed into business rescue earlier this month after production was suspended at the mine due to extreme thunderstorms and flooding.

At the time, Diamondcorp had it was unlikely the suspension would be lifted before the end of the year, as the longhole drill operating in the rig at the time needed to be recovered and the electrics rebuilt.

The company's shares were also suspended in London and Johannesburg "pending clarification of its financial position".

By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland