Kimberley Diamonds gets more funding for Lerala
PERTH (miningweekly.com) – Diamond miner Kimberley Diamonds has secured A$3-million in debt financing from China’s Zhejiang Huitong Auction to refurbish and recommission the Lerala mine, in Botswana, and to fund ongoing operating costs.
The miner said on Monday that the funds would be provided under an existing loan agreement with Zhejiang, bringing the total funding to A$13-million.
The loan was repayable in May 2017 and would have an interest rate of 5% a year.
Diamond production from Lerala was expected to start in February and, once in production, the mine was forecast to have a life of some seven years, treating 1.4-million tonnes of ore a year and producing an average of 357 000 ct/y.
Kimberley noted that the refurbishment and recommissioning work continued to make good progress, with all orders for long-lead items already placed.
A geotechnical review had also been conducted on the early production pits and preliminary recommendations on pit slope angles and bench-height configurations had been made. These would be used in an updated mine planning and optimisation exercise, which would start in mid-October.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation