Proactive Investors - Run By Investors For Investors

Diamondcorp gets standstill deal while refinance talks continue

The miner has placed the Lace diamond mine in business rescue while the talks continue.
picture of diamonds
Lace's main lender, IFC, has agreed to a temporary standstill

DiamondCorpPLC (LON:DCP) has re-negotiated repayment terms with several lenders while it seeks a more long term financing solution.

The miner has placed the Lace diamond mine in South Africa in business rescue while the talks continue. 

Lace’s main lender, the Industrial Development Corporation of South Africa, has agreed to a standstill until the completion of the business rescue process and it is trying to reach a similar agreement with South African and UK bondholders.

No decision will be reached before early January 2017.

Laurelton Diamonds, a lender to DiamondCorp itself, has agreed to roll up its interest until November and defer capital repayments until March 2018. 

Rasmala, meanwhile, has agreed to extend the £410,000 outstanding on its convertible facility until 30 March.

View full DCP profile View Profile

Diamondcorp Plc Timeline

Newswire
February 28 2017
Newswire
January 31 2017
Newswire
November 16 2016

Related Articles

Crushing machine
August 24 2018
While the fault with BlueRock's cone crusher was being rectified, a rented crusher was installed on site at Kareevlei at modest additional cost
Richland
April 03 2018
The strategic review aims to assess how the company can best leverage its position as the owner of one of the world's largest sapphire mines.
1532431420_Fura---rubies.jpg
July 24 2018
If it does decide to list in London, Fura will fill the coloured gemstone gap left by the departure of Gemfields

© Proactive Investors 2018

Proactive Investors 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