A new financing will enable the operators of the River Ranch diamond mine in Zimbabwe to repay some debt.
The joint-Venture company, owned equally by Toronto-based Redaurum (RRK-T) and Auridiam Consolidated of Australia, has completed a US$4.9-Million financing through a convertible debenture issue to financial institutions in Zimbabwe.
The financing follows the completion of a new shareholders’ agreement between Redaurum and Auridiam, which, according to the former, has streamlined mining operations and reduced costs.
River Ranch produced 474,000 carats of diamonds in 1996. Modifications to the recovery plant, now in progress, are expected to increase the annual rate of production to 600,000 carats by the end of 1997.
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