https://www.miningweekly.com

Kimberley Diamonds soothes liquidity fears

Kimberley Diamonds soothes liquidity fears

Photo by Reuters

8th October 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Diamond miner Kimberley Diamonds on Wednesday went into a trading halt ahead of a possible project acquisition.

The company was expected to resume trading on October 10.

Meanwhile, the miner has moved to sooth shareholder fears on its liquidity, stating that despite media speculation, the company remained a going concern and that neither the company, nor any of its subsidiaries were insolvent.

However, Kimberley Diamonds noted that it would need to raise capital to realise its future plans, including the restart of the Lerala diamond mine, in Botswana.

The miner recently took the first step in recommissioning the Lerala diamond mine with the appointment of Consulmet to undertake detailing and design work to modify the plant.

Kimberley is looking to modify the Lerala plant to enable it to reliably treat some 200 t/y of ore, and has engaged Consulmet to undertake the detailing and design work for this modification.

In the meantime, Kimberley would continue with processing surface stockpiles at its Ellendale operation until May next year, after which the project would be placed on care and maintenance until higher diamond prices could be achieved to support further economically viable operations.

It is estimated that the Ellendale mine had some 2.2-million carats in resource.

Edited by Creamer Media Reporter

Comments

Showroom

Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.201 0.234s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: