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DiamondCorp On Track With Lace Diamond Mine Development

Thu, 29th Jan 2015 10:37

LONDON (Alliance News) - DiamondCorp PLC on Thursday said it is on track with development work on the Upper K4 block at the Lace diamond mine in South Africa.

The company said development work on the Upper K4 block is on schedule for the start of mining operations in the second half of 2015. This would be four months ahead of the original plan for the site, but will be delayed a few weeks from starting in the first half due to the impact of industrial action at the Lace mine in the fourth quarter of 2014.

Development productivity has improved by 15% compared with the period prior, the company said, owing to changes made to workplace practices after the end of the industrial action.

The company said the underground conveyor system at the site is 80% fabricated and is on site. It is now 30% installed and is on schedule for commissioning in the first half.

The group added diamond recoveries from tailings for the year totalled 18,354 carats at a recovered grade of 5.96 carats per hundred tonnes. Diamond sales for the year totalled 21,700 carats at an average price of USD63 per carat, slightly higher than the company's expectations.

DiamondCorp shares were up 0.3% to 7.4 pence on Thursday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance