Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

DiamondCorp clears refinancing hurdle

Diamondcorp has reached formal agreement with the South African development bank, the IDC
DiamondCorp clears refinancing hurdle
Diamond recovered from Lace in 2015

DiamondCorp PLC (LON:DCP) has reached formal agreement with the IDC, one of its major backers in relation to its ability to lend money secured against the Lace Diamond mine in South Africa.

Following the impact of adverse weather, the Lace mine was placed into business administration, and Diamondcorp has since been involved in efforts to refinance the operation via a placing and debt restructuring.

Any new loan issued to its subsidiary will bear 13.5% interest. The loan can be made either in addition to, or as a substitute for, the placing, the conditions for which have yet to be met.

The company also said a Business Rescue Plan will be published in due course, although much is dependent upon how negotiations go with the main union, the AMCU.

Alastair_55b0a5ec88c28.jpg


Register here to be notified of future DCP Company articles
View full DCP profile View Profile

Diamondcorp Plc Timeline

Newswire
January 31 2017
Newswire
November 16 2016

Related Articles

Gems processing
February 20 2017
The Indian government's currency actions have hit short-term trading but this is still the semi-mythical "ten-bagger"
rimfire-pacific_john-kaminsky-757.jpg
November 30 2016
John Kaminsky, MD & CEO, exclusively joins Proactive Q&A Sessions™.
Diamonds.jpg
January 05 2017
Gem International is sitting astride a huge diamond concession in Angola, with significant potential both for alluvial and for kimberlite production

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use