Proactive / SP Angel14 Nov 2016 12:24
http://www.proactiveinvestors.co.uk/columns/sp-angel/26507/today-s-market-view-amur-minerals-aureus-mining-diomondcorp-caledonia-mining-metals-exploration-serabi-gold-and-strategic-minerals-26507.html
"
DiamondCorp (LON:DCP) Suspended – Lace Diamond mine closed as storm causes production level to flood
• DiamondCorp are possibly the unluckiest mining company around.
• Just as the team were ramping up towards full production the mine has been hit by yet another flood, this time caused by an unusually heavy storm dropping a third of a year’s expected rainfall in a single event.
• The Lace diamond mine is seen as a wet mine so dealing with water seems to be a bit of a regular event.
• The company estimates around 10,000 cubic meters may have entered the mine running down the new decline and through the historic open pit and into the lower levels of the mine.
• All personnel were evacuated in time but the pumping system was inundated unable to prevent the 310m production level from flooding to the hanging wall (normally the roof).
• Sadly this means the longhole drill rig was flooded and cannot return to operation till its electrics are replaced / refurbished which may take around 12 weeks.
• We hope there is not much additional damage to the mine and that the rest of the systems on the 310 level should operate once the water is pumped out.
Solution: If someone has a spare longhole drill rig, and there will be lots around, please could they drive it round to the Lace Mine PDQ and get this mine back in action.
The company is acutely short of cash but we reckon the loan of a rig is worth more than a few shares not to mention the satisfaction and goodwill associated with saving the jobs of quite a number of mine workers. Furhermore, if you do have a rig in the region this might be the best deal you will ever do.
Dare we suggest that even the local labour union might find a rig somewhere to bail the mine out to rescue the inherent BEE value contained in the mine.
It is times such as these that our brother miners should dust off their boots and get stuck in. There are good people at the Lace mine and they really deserve the help.
"
Sign In
Follow the stocks
