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Kazera Global hails progress of diamond production in South Africa; expects update on investment in coming weeks
StockMarketWire.com
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Investment company Kazera Global said its diamond production in South Africa was nearing levels of self-funding and would soon be able to contribute to the overall costs of the group.
'As soon as we are able to start mining heavy mineral sands we anticipate generating substantial profits which will enable us to fund future development, both in South Africa and Namibia,' the company said.
'Considerable progress achieved at the company's Diamond asset with just over 220ct being sorted in the last month, with a mining grade of 10ct per 100 tons, in line with internal forecasts,' it added.
The company continued to have sufficient cash resources to continue its operations until the end of June 2021 and had access to loan financing if needed should the Namibian Central Bank investment suffer a further delay.
Kazera said it was now hopeful that clearances will be received shortly and that the bank would finalise a 'substantial equity investment in the company at a value in excess of the current share price in the coming weeks.'
At 9:20am: (LON:KZG) Kazera Global Plc Ord 1p share price was 0p at 0.78p
Story provided by StockMarketWire.com
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