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BusinessLive reports that single-operation, single-commodity resources company DiamondCorp will be putting its listed holding company into administration despite being months away from steady state production.
The company ran into technical, operational and financial problems exacerbated by what it called intransigent labour at its Lace diamond mine in the Free State as it sought desperately for money to bring it over the finishing line and into steady-state production. In a statement on Friday, it was particularly scathing of the Association of Mineworkers and Construction Union (Amcu). Blame was levelled at bondholders for the company’s inability to refinance the business, but also apportioned to Amcu, the dominant union at the mine. DiamondCorp said the protracted discussion with Amcu, which was terminated in early April 2017 without agreement, “obstructed the vital care and maintenance and remediation programme of the mine, caused all employees to be retrenched and was the primary cause for the £1m equity fundraiser as first announced in January 2017 to not be successfully settled."
- Read this report by Allan Seccombe in full at BusinessLive
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