Miningmx reports that DiamondCorp is to retrench all employees at its Lace diamond mine near Kroonstad in Free State province.  

The embattled diamond miner, which is in business rescue, said in a statement on Monday that discussions under the auspices of the CCMA between the Association of Mineworkers & Construction Union (Amcu) and the business rescue practitioner have terminated without a settlement being reached on a collective agreement to allow care and maintenance to commence.  “Consequently, effective April 3 all employees will be retrenched.”  A consequence of the retrenchment would be that previous bail-out finance arranged with the Industrial Development Corporation (IDC) in terms of the business rescue procedure would no longer be available.  Thus, unless there is an accelerated plan and route for funding in place which can be completed by mid-May 2017, then it is likely that the group would need to be placed into administration.

• Read this report by David McKay in full at Miningmx
• Read DiamondCorp’s regulatory statement at Sharenet
• See too, DiamondCorp to retrench Lace employees, at Mining Weekly

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