https://www.miningweekly.com

Kimberley Diamonds goes into administration

16th June 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Embattled Kimberley Diamonds has reportedly entered voluntary administration only days after its Lerala diamond mine, in Botswana, was closed.

Kimberley delisted from the ASX in March this year, and the Lerala mine was reportedly closed on June 1, with the company citing weak market conditions.

ASX-listed Winmar Resources, which is a joint venture (JV) partner on Kimberley’s Lomero metals project, in Spain, on Friday announced to the market that the diamond miner had gone into voluntary administration.

Under the terms of the farm-in and JV agreement, Winmar recently fulfilled its first year expenditure obligation at the Lomero project, and had acquired a 10% participating interest in the project.

The JV agreement would ultimately see Winmar increase its shareholding in the project to 70% through staged investment.

The Australian company said on Friday that Winmar was now in discussions with the Kimberley administrators over the future of the project, adding that the initial discussions were ‘encouraging’.

Edited by Creamer Media Reporter

Comments

Latest Multimedia

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.165 0.202s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: