DiamondCorp plans to raise upto $10 million capital

DiamondCorp is considering raising upto $10 million, to support its plans of resuming underground mining at its Lace mine in South Africa, and exploration activity in Botswana, reports say. It is optimistic that resurgence in the economy would help it achieve its endeavour.

The mining company has estimated that full-scale production of 1.2 million tonnes per year, from underground mining at Lace mine, would entail additional capital, and has identified another $5 million required for the purpose. Also, its drilling activity in Jwaneng south project in Botswana, would require $750,000 worth of funds. The company holds 77.5-percent joint venture interest in three exploration licenses in Botswana which have nine identified kimberlites, reports add.