DiamondCorp has officially entered administration, meaning control of the miner is now in the hands of practitioners whose job is to try and rescue the business or sell it off.
Stephen Cork and Jo Milner of London-based advisory firm Cork Gully are now the rough producer’s joint administrators, DiamondCorp announced Tuesday. The directors intend to continue working with the administrators and the previously appointed business-rescue practitioners to preserve any remaining stakeholder value, the company said.
DiamondCorp’s listing on the London Stock Exchange’s Alternative Investment Market is due to end next Monday. Meanwhile, investment bank Panmure Gordon has resigned as the company’s nominated adviser and broker, and DiamondCorp does not plan to appoint a replacement. The miner’s listing on the Johannesburg-based AltX bourse remains suspended.
The company has battled to remain in business since flooding at its Lace mine in South Africa last year forced it to shut down the operation.