JOHANNESBURG (miningweekly.com) - London-listed Namakwa Diamonds announced on Tuesday that it had secured a $15-million loan from a private investor.

The company said in a media statement that the loan was secured at a fixed interest rate of 8,5% a year, against certain assets of the company's Southern African group.

Namakwa CEO Nico Kruger said that by securing the debt finance at a competitive market rate, the company was leveraging off its balance sheet strength to unlock value from its near-term production projects at the earliest opportunity.

The loan would be used for general corporate purposes, including the development of group assets in South Africa, Lesotho and the Democratic Republic of Congo.

Further, Namakwa said that it was in ongoing discussions with a number of South African banks to secure a further R100-million working capital facility.

The group is also exploring opportunities to enter into a medium-term bank facility of around $25-million to provide further capital for the development of its current assets.

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