Lucapa Diamond, which has recently acquired a 70 percent stake of the owner of the diamond project Motae (Mothae) in Lesotho, said it plans to resume production in the next 12 months.
The company's presentation at Euroz Institutional Conference said that the preliminary simulations showed sufficient free cash flow for the first 18 months to finance the project.
Lucapa anticipates that capital expenditures for the first phase of the project will be $ 12 million. They are required to optimize raw material dumps, X-ray diamond recovery technology and increase productivity.
Earlier this month, the Government of Lesotho has released a new 10-year license to mine for Mothae Diamonds kimberlite project Motae.
The issuance of a production license was one of the conditions for the acquisition of 70 percent stake in Lucapa Mothae Diamonds, said in a statement.
High priority kimberlite project Motae has inferred resources of 1 million carats, and occurring resources at the level of $ 1 billion.
In the Pilot production has been found that Motae contain large diamonds of type IIa, including individual stones weighing up to 254 carats, and diamonds jewelry quality, which are sold for $ 41,500 per carat.
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Zimbabwe reported the discovery of mineral deposits along the shore of Lake Kariba, which caused a strong reaction of the population.
Authorities say they have stumbled upon a field at a time when the "accident" explored the auriferous sand, reports Africa Report.
As noted in Newsday, the official Harare decided to begin production of platinum and gold to the end of this month.
"I want to announce that the West Mashonaland region was found several mineral deposits, which are likely to help seize the performance of its mining. Next week we will begin to deploy the equipment to start production. It is not only gold, but what is surprising and interesting platinum ", - said the Minister of Zimbabwe mining Chidakva Walter (Walter Chidhakwa).
"I want those who are in any way interested in mining on the banks of rivers, realized that production will lead the country's government rather than the private companies," - he added.
Zimbabwe currently has the second largest known platinum reserves after South Africa.
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