DiamondCorp announces placing LDM into business rescue

The Lace diamond mine was recently flooded with two thunderstorms breaking out
DiamondCorp announces placing LDM into business rescue

DiamondCorp announces that the board of the Company's operating subsidiary, Lace Diamond Mines (Pty) Ltd (LDM), has placed LDM into business rescue in accordance with the provisions of section 129 of the Companies Act, 71 of 2008.

A board resolution of LDM to this effect has been filed with the Companies and Intellectual Property Commission. LDM will appoint a business rescue practitioner in due course.

This announcement follows the one on 14 November 2016, when the company noted that the Lace Diamond mine was flooded owing to thunderstorms. In this incident occurring on 11 November 2016, resulted in almost 90mm of rain dropping in just over an hour. It overwhelmed the mine's pumping systems and flooded the 310m production level to the hanging wall. In total, more than 10,000 cubic metres of water is estimated to have entered the mine through the open pit and access ramps.

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