AfDiamonds re-negotiates mining Licence

Thursday, March 04, 2010

African Diamonds is hoping ongoing discussions with government will result in an amendment to its mining licence to enable it to market diamonds from AK06 independently and also put forward the start of commercial production.

Under the provisions of the original mining licence, issued in 2008, all production from AK06 was to be marketed through the Diamond Trading Company, while commercial operations were set to begin by April 9, 2011.

Between 2008 and today, AfDiamonds has acrimoniously parted ways with its former joint venture partner in AK06, De Beers, and welcomed new equity partner, Lucara. In addition, the global recession played havoc with diamond prices and the new mine development costs.

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