Gem Diamonds paid $300M for the mine in 2007.
Kimberley bought it for $15M in 2013 BUT I'm pretty sure that came with liabilities including multi-million dollar environmental bonds.
These financial liabilities have been absolved by the WA government, effectively GIB has a clean slate from which to work towards a Mining License.
The $2.5M required to commence Trial Mining on Gib's neighbouring Blina Diamond Project will no longer present a problem imo. If it is through dilution keep in mind the last placement was @ 9c before Ron Brierley dropped a 14M share anvil onto the stock.
Be nice to raise above 10c - unless of course a cornerstone investor is introduced onto the register.
Otherwise maybe a JV?
Going to be an exciting start to the NY for shareholders.
.
Ellendale Diamond Mine, page-23
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Last
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Mkt cap ! $8.46M | |||
| Open | High | Low | Value | Volume |
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Change
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