18 Jul 2016 07:00
18 July 2016
DiamondCorp plc
AIM share code: DCP & JSE share code: DMC
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp", "the Group" or "the Company")
Lace DIAMOND mine
TEMPORARY HALT OF underground MINING
DiamondCorp, the Southern African diamond mining, development and exploration company, advises that underground mining operations at the Lace diamond mine have been temporarily suspended following an investigation on 15th July by the South African Department of Minerals Resources (DMR) into a fall of ground incident in a development tunnel on the 310m level.
The incident occurred when explosive misfires were being made safe and resulted in a miner's assistant suffering contusions and four cracked ribs. He was hospitalised for observation and is in a stable condition.
The outcome of the investigation was an instruction that all miner's assistants undertake refresher training in the handling and charging up of explosives. This training commenced over the weekend and is scheduled to be completed by Wednesday 20th July. Once the assistants are re-certified, the Company will apply to the DMR to resume underground mining operations which is expected by the end of this week. In the meantime, the plant at Lace will process tailings.
There is no material financial impact as a result of the temporary suspension, but DiamondCorp will not be able to mine the target of 30,000 tonnes of ore in July. Management expect to achieve this rate in August and will aim to make up the July shortfall by the end of September.
The Company is pleased that the incident did not result in any more serious or life threatening injuries and reiterates that safety is its top priority. Lace management is fully supportive of the refresher training.
Contact details:
DiamondCorp plc
Paul Loudon, Chief Executive
Tel: +27 828 246 897
Euan Worthington, Chairman
Tel: +44 7753 862 097
UK Broker & Nomad
Panmure Gordon (UK) Limited
Adam James/Atholl Tweedie
Tel: +44 20 7886 2500
JSE Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)Megan Young
Tel: +27 11 445 8068
SA Corporate Advisor
Qinisele Resources Proprietary Limited
Dennis Tucker/Andrew Brady
Tel: +27 11 883 6358