trending Market Intelligence /marketintelligence/en/news-insights/trending/etehoaXB7pg0B6OHk6RDrg2 content esgSubNav
In This List

DiamondCorp to retrench all employees at Lace mine

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Video

COVID-19 Impact & Recovery: Metals and Mining Outlook for H2 2021

Blog

Q&A: Data That Delivers - Automating the Credit Risk Workflow

Blog

Mining M&A in 2020 — Deal activity bounces back in H2 after disrupted H1


DiamondCorp to retrench all employees at Lace mine

DiamondCorp Plc said April 3 that it will retrench all employees at the Lace mine in South Africa, effective April 3, after discussions with the Association of Mining & Construction Union over placing Lace on care and maintenance failed.

The company's board notified the Industrial Development Corp. of South Africa, or IDC, that unless funding is secured by mid-May, it will be placed into administration.

DiamondCorp was in discussions with IDC for post-commencement funding in addition to a £1 million placement launched in January to avoid impending bankruptcy.

As a result of the retrenchment, the financing from IDC is no longer available.

Meanwhile, the Lace diamond mine has appointed Lebogang Mpakati of Independent Advisory Pty. Ltd., alongside Daniel Terblanche of Deloitte & Touche, as its joint business rescue practitioner.