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Full production at DiamondCorp's Lace mine delayed until February 2017

DiamondCorp Plc said Oct. 12 that full commercial production at its Lace diamond mine in South Africa has been delayed until around February 2017 due to tonnage constraints.

Production at Lace reached the planned rate of 30,000 tonnes per month in August. However, to ensure worker safety and prevent equipment damage, tonnage from September to December will be reduced to an average of 14,000 tonnes per month to 15,000 tonnes per month.

The slower ramp-up means the buildup in diamond inventory will be lower than expected, resulting in either smaller diamond sales or a rescheduling of tender sales, which would place pressure on the group's cash flow.

DiamondCorp is finalizing a convertible debt facility of about £500,000 for immediate financial commitments and is looking to raise between £2.5 million to £3.0 million in the near term to cover the needed cash to fund operations through to commercial production.