Kimberley raises P23m for Lerala reopening

Workers preparing lerala mine for reopening in February next year
Workers preparing lerala mine for reopening in February next year

Diamond miner, Kimberley Diamonds Limited says it has secured $3-million (P23 million) in debt financing from China’s Zhejiang Huitong Auction to refurbish and recommission the Lerala mine and to fund ongoing operating costs.

In a statement released on Monday, the Australian Stock Exchange listed company said the funds would be provided under an existing loan agreement with Zhejiang, bringing the total funding to A$13 million (P98 million).

“Zhejiang Huitong Auction has agreed to provide KDL with a further A$3 million in debt finance. These additional funds will be provided under the terms of the loan agreement previously entered into with Zhejiang.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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