Diamcor Mining has received an investment from a Dubai-based diamond manufacturer that will allow it to advance various projects at its South African operation.
The mining company, which operates the Krone-Endora at Venetia project, will use the funds to expedite the processing of previously stockpiled oversized material, increase processing volume, and develop work programs it currently has underway, it said Monday. It will also further its bulk sampling.
Diamcor did not provide the name of the Dubai-based company but did note it was a “manufacturer and supplier of bridal and anniversary diamonds to the global market.” The miner also said the manufacturer would not receive shares in Diamcor in return for the funding.
“This financing is the result of long-term relationships we have developed with key associates in Dubai over many years and the mutual vision our companies share on the merits of building a growing supply of gem-quality non-conflict natural rough diamonds for the luxury-jewelry sector,” said Diamcor CEO Dean Taylor. “While 2024 was a challenging year for everyone in the diamond industry, we believe the factors responsible for this will ultimately begin to stabilize by the second half of 2025, and this financing will help to ensure we are well-positioned and ready for this anticipated recovery.”
Image: Rough diamonds. (Diamcor Mining)
SOURCE: https://rapaport.com/news/dubai-diamond-manufacturer-funds-mining-company/
