JOHANNESBURG (miningweekly.com) – South African diamond-miner DiamondCorp has entered in an exploration joint-venture (JV) deal in Botswana, the Aim- and JSE-listed company announced on Thursday.

DiamondCorp, which owns the Lace mine in the Free State, has entered into an agreement with Botswana prospecting firm Geoperspectives to earn a 77,5% stake in three licences.

DiamondCorp would earn a controlling stake by completing a definite feasibility study within five years.

An initial work programme for the Botswana JV areas was being prepared.

Meanwhile, DiamondCorp reported that the commissioning process at its Lace mine had yielded 1 533,95 ct of gem quality diamonds, including a 14,74ct clear white stone.

The company sold these diamonds for R963 541, representing a price of $79/ct.

In addition, 292,61 ct of non- or near-gem diamonds were recovered. These were tendered and sold at $3,74/ct.

A further 2 367,51 ct of gem diamonds recovered earlier in the year from tailings re-crush were also tendered and sold for R890,368, representing $47/ct.

“Demand for the Lace diamonds in May was strong as cutters and polishers sought to fill holes in inventories,” commented MD and CEO Paul Loudon.

He added that the company expected the price to remain around these levels for the remainder of 2009, but said that no significant price appreciation was anticipated until the second-half of next year.

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