Tiffany lends Diamcor $4 million to expand diamond project in South Africa
Canadian diamond supplier Diamcor Mining Inc. (TSX-V.DMI) has secured an additional $4 million loan from its long-term strategic partner, Tiffany & Co., to expand the Krone-Endora diamond project in South Africa.
Tiffany's subsidiary, Tiffany & Co Canada, will provide the financing through a $2.4 million term loan and a $1.6 million convertible debt debenture, Diamcor said in a press release.
Krone-Endora was originally part of De Beers' flagship Venetia Diamond Mine in South Africa. Last year, Diamcor acquired the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ mine.
Pursuant to the loan's closing Diamcor will use the funds to procure equipment and expand the quarrying and in field screening operational capacity.
Image: Money bags and bars. By The Library of Virginia