Lace on Track to Produce 500,000 Cts Annually From 2015

(IDEX Online News) – DiamondCorp reported its results for the first half of the year, saying that its Lace mine will produce 500,000 carats of diamonds per annum for more than 25 years starting in 2015.

Underground mine development began at its Lace mine in South Africa in the first quarter of this year and remains on schedule and within budget for production to start in the first half of 2015.

CEO Paul Loudon said, "The mine is expected to produce up to 500,000 carats of diamonds per annum for over 25 years commencing in the first half of 2015, and heralds the transition of DiamondCorp from explorer to diamond producer.

Reffering to the signing of a loan deal in January with Tiffany & Co for $4 million, Loudon said: "The period also marks the commencement of a long-term association with Tiffany which allows the prestigious jewelry retailer access to a new supply of diamonds that meets its quality standards and allows for increased traceability from source to end-user."

DiamondCorp reported a widening of its net loss for the six months to June 30 to $3.4 million from $2.4 million a year before.