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DiamondCorp back on track

By Robert Tyerman | Saturday 21 February 2015


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


South African gem miner DiamondCorp (DCP) is coming in for favourable analysts’ attention after clinching a four-year pay deal with mineworkers at its restarted Lace mine in Free State Province and reaffirming its plan to start mining the key Upper K4 (UK4) block at Lace from the second half of this year. Headquartered in London and quoted on AIM, the company, whose shares had collapsed from a 90p float price in 2007 to a recent low of 5.38p, has seen them edge forward to 7.75p, for an AIM tag of £22.3 million, amid hopes that UK4, where DiamondCorp says underground core drilling continues ‘to delineate significant volumes of high-grade kimberlite material’, could eventually achieve annual output of 500,000 carats.


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