(Ecofin Agency) - Mining company DiamondCorp has signed with Rasmala a Sharia-compliant financing agreement for £700,000 which it will invest in its Lace diamond project, in South Africa. The financing comes after the firm’s activities at Lace were halted earlier this month, and suffered adverse share price movements on the JSE and LSE.

“We are pleased to have secured this new financing facility, which will enable us to sustain our operations at the Lace diamond mine while we conduct our formal sale process and evaluate all options available to us,” said CEO of DiamondCorp, Paul Loudon

DiamondCorp Plc holds a 74% stake in the Lace mine while its joint-venture partners, Shanduka Resources and Sphere Holdings, hold 13% each.

Louis-Nino Kansoun