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Diamondcorp draws another £300,000 from Rasmala

Production in the current month is on schedule to exceed 15,000 tonnes at a grade of 29 carats per hundred tonnes.
Picture of pound note
Production at the Lace mine is back on track

DiamondCorp PLC (LON:DCP) has drawn down a further £300,000 of its financing facility with Rasmala.

Rasmala, which owns 11.6% of Diamondcorp, agreed to provide £0.7mln in short-term funds last month through a Shariah-compliant secured convertible facility.

The £300,000 is the second tranche of that money.

Production at the Lace mine in South Africa is in line with expectations, with the balance of the 5,000 carats of diamond inventory, against which the facility is collateralised, expected to be processed today.

Output in the current month is on schedule to exceed 15,000 tonnes at a grade of 29 carats per hundred tonnes.

Earlier this week, Diamondcorp abandoned plans to sell Lace, saying the offers it received significantly undervalued the mine.

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Diamondcorp Plc Timeline

February 28 2017
January 31 2017
November 16 2016

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