KDL Secures $2.8 Million Funding for Lerala Diamond Mine
February 28, 16
(IDEX Online News) – Kimberley Diamonds Ltd (KDL) announced that it has secured a $2.8 million working capital loan facility for the Lerala Diamond Mine in Botswana.
The company said that this cash injection, combined with a rights issue planned for March-April, should allow for production to begin at Lerala. Mining is expected to commence in March, with diamond production following in April. The first diamond sale is slated for June.
The terms of the loan facility state that KDL and its Botswana subsidiary, Lerala Diamond Mines Ltd, have entered into a sales and marketing agreement with Belgian-based rough diamond auction house specialists, DDA Trading BBVA.