DiamondCorp has announced that it has gone into administration, leaving the future of the company in the hands of practitioners, according to Jewellery Focus. The diamond company is now administered by Stephen Cork and Jo Milner of the firm Cork Gully, based in London.
In a statement released this week, DiamondCorp said that its directors would continue to work with the administrators to try to “preserve any remaining stakeholder value”. DiamondCorp’s listing on the London Stock Exchange’s Alternative Investment Market (AIM) “is expected to terminate on 15 May”.
According to the report, “DiamondCorp has struggled to continue keep afloat since its Lace mine in South Africa flooded last year”. In November 2016, DiamondCorp appointed Deloitte & Touche business rescue practitioner Daniel Terblanche to handle the business rescue of the Lace mine. The South-African miner placed Lace under “Business Rescue” status after the mine was severely flooded. Two extreme thunderstorms passed over the Lace, flooding the 310m production level to the hanging wall.
