DiamondCorp’s Lace Mine to Start Production in H2 2015

Mining Weekly reported that despite a six-week strike by members of the Association of Mineworkers and Construction Union (AMCU), DiamondCorp plc’s (LSE:DCP)  Lace mine will start production in the second half of 2015.

As quoted in the market news:

Following the implementation of a revised underground development schedule by 74%-owned subsidiary Lace Diamond Mines (LDM) in early 2014, dual-listed Diamond Corp announced in July last year that the ramp-up of commercial production from underground Kimberlite mining could be brought forward by six months to the first half of 2015.

DiamondCorp outlined in a statement:

The overspend continues to be the result of increased operating costs on the company’s underground mining fleet and delays resulting from the AMCU strike.

The benefits of maintenance and repair cost-saving initiatives reported previously are currently being offset by cost increases on spare parts resulting from the weaker rand.

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