DiamondCorp (LON:DCP) has appointed Michael Toxvaerd as a director to help finalise funding for the Lace mine in South Africa.
Toxvaerd has more than 15 years' experience of founding, operating, acquiring and integrating businesses in private equity and public markets and is chief investment officer of UK firm HBG Management Partners.
He is also a non-executive director of AIM quoted European Islamic Investment Bank (EIIB), which is interested in around 23.02 per cent of DiamondCorp's share capital.
Chairman Euan Worthington said today: "We are very pleased to welcome Michael on to the board and believe that his financial background will help to finalise the financing for Lace while his entrepreneurial experience will help us evaluate other opportunities in the diamond sector."
The company is currently developing Lace with initial production expected in 2013 and full production by mid-2014.
The strategy is not to remain a one mine company, but use the Lace mine as the cash flow generator on which to build a medium-sized mining company.
The mine is located in the Free State Province. It was operational from 1901-1931 and was closed and flooded by De Beers as part of its efforts to control the diamond market. It has a total resource of 13 million carats.