DiamondCorp, suspended because of the fire underground work in the diamond mine Lace (Lace) in South Africa, said that the third party, with which there was a preliminary agreement on the financing of the company, withdrew from the negotiations because of the fall in share prices miners.
The company planned to raise additional capital and / or debt from one or more parties in the amount of £ 2.5 million - £ 3.0 million in the short term to meet the anticipated needs of the cash required to finance the works until the release of industrial production and achieve a positive cash flow from operations.
DiamondCorp reported that the South African Department of Mineral Resources has issued a resolution on the suspension of underground diamond mining regarding belonging to her 74% of the subsidiary Lace Diamond Mines after a fire in the mine dump trucks, which was extinguished without injuries to employees.
Diamond company has put into question the validity of such a decision and is considering further action, taking into account its capabilities, including remedies.
The company recently announced that it is looking for in the near future, additional funding totaling nearly £ 500,000 to carry out immediate financial obligations and to continue the diamond trade in the foreseeable future.
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One of the world's largest mining companies Anglo American announced that it will take decisive steps to improve its balance sheet and to reduce the volume of debt, concentrating on the most profitable assets.
The rating agency Moody's, meanwhile, downgraded the company's rating to speculative.
As reasons for this decrease Agency brings low commodity prices and the uncertainty regarding the timing of debt repayment by the mining company.
Kyutifani Mark (Mark Cutifani), CEO of Anglo American, said the company has taken a number of measures to create a positive balance, including additional earnings before interest and taxes amounting to $ 1.9 billion obtained by increasing productivity and reducing costs, as well as the sale assets worth about $ 3-4 billion.
"as a result, net debt in 2016 will be less than $ 10 billion, taking into account the factors of low commodity prices and the value of various currencies. in the medium term, we expect our Numbers the first duty of $ 6 billion, so that we will be able to regain a strong investment grade credit rating - Kyutifani said -. Of course, we understand that is now quite difficult time to sell some of our assets. "
He noted that the company is currently in talks with several potential buyers of its assets.
Kyutifani added that the main assets in the portfolio companies will create an attractive, competitive and balanced business with the possibility of expansion, a high level of technical excellence and extensive fund promising fields. Because of this in the long term, the company has a high potential.
The main assets of the company will be the unit for the extraction of platinum group metals, copper, and a subsidiary of De Beers.
"This unique combination of assets, which is reinforced by the skills of our marketing teams, and through which we get the advantage of a departure from the infrastructure investment towards consumer demand This will enable Anglo American to occupy a niche in the expanding markets, -. Says Kyutifani -. We will manage our other assets for the extraction of bulk commodities and other minerals to improve the balance, or eventually sell. "
Anglo American owns 85 percent stake in De Beers, one of the world's leading diamond company, which produces about a third of all diamonds in the world.
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