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Kimberley Diamonds Ltd. (ASX:KDL) announced that its board has approved a capital expenditure that will fund the recommissioning of its Botswana-based Lerala diamond project.
Kimberley Diamonds Ltd. (ASX:KDL) announced that its board has approved a capital expenditure that will fund the recommissioning of its Botswana-based Lerala diamond project.
As quoted in the press release:
The Board has approved a total of A$14.7M which includes a 20% contingency to fund the restart of the Lerala operation which was placed on care and maintenance in July 2012 by the former owners Mantle Diamonds Limited (‘Mantle’).
The Board has, for now, withdrawn the A$14.3M funding commitment it made in February 2014 to develop the Ellendale E4 Mine which is on care and maintenance. The Board will revisit the development of E4 in due course. At this time, mining of the E9 pipe is continuing at Ellendale and preliminary work on E4 is also continuing.
Click here to read the full Kimberley Diamonds Ltd. (ASX:KDL) press release.