IGE Resources has confirmed that progress to begin diamond production at the company’s licensed assets in the Democratic Republic of Congo (DRC) is at an advanced stage.
The Scandinavian resources development company says it has strengthened its team on the ground in DRC with experienced management that has substantial knowledge of operations in Africa. IGE also advised that the existing equipment is serviced and refurbished and is getting prepared for production.
Further, there are on-going negotiations to acquire equipment to secure industrial exploitation of the diamond assets, primarily in river systems. Subject to current funding discussions, IGE is expecting industrial equipment to become available in the coming months.
“It has been a turbulent spring, and a substantial amount of time and money has been invested in processes that do not support the company towards production and positive cash flow, that IGE’s leadership sees as top priority for 2013. We have received the first “draw down” from Amarant Finance, and we are now able to continue our strategic plan in DRC. I am therefore really happy to announce that we are now taking first steps towards diamond production,” says IGE Resources’ Acting CEO Terje Engstrom Lien.
IGE has received partial funds from the “draw down” facility of US$5 million, with ambition to start diamond recovery as soon as possible.