DiamondCorp has entered into a formal agreement with the Industrial Development Corporation of South Africa (IDC ) on a loan secured by a diamond mine Lace (Lace).
Lace mine last year was put into administration after exposure to adverse weather conditions.
However DiamondCorp tried to refinance the mine through debt restructuring and the placement of securities.
At the same time, representatives of the diamond company-junior said that new loans of its subsidiary companies will be subject to the rate of 13.5% per annum. The loans will be paid after the completion of business reorganization process, or after six months.
"The Board of Directors shall DiamondCorp continue to explore all available options for the group in relation to the ongoing process of business reorganization, agreements to IDC, placement of securities, group of creditors and other interested parties", - the company said.
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government of India will launch two schemes related to the gold trade - a scheme for the monetization of gold and gold bonds. Secretary of the Ministry of Economy of India Shaktikanta Das noted: "There are two schemes - monetization of gold and gold bonds, we are working on the details of the schemes." We have already met with representatives of the Reserve Bank of India, both schemes will be launched in November. "
Das also said that the government will very soon issue gold coins with the Ashok Chakra symbol, which will also help curb the demand for imported gold coins. "The Indian Metals and Minerals Trading Corporation (MMTC) has already taken all the necessary steps and the launch date for coins will be announced soon," he added.
Under the scheme of monetization of gold, gold in any form can be put on a bank deposit for a period of 1-15 years. Such gold will bring the owner interest income, while its withdrawal will be made at the prevailing value at the end of the deposit period.
Sovereign gold bonds will be of interest mainly to investors in gold. These bonds with a face value of 5, 10, 50 and 100 grams of gold will be issued for a period of 5-7 years, and interest rates on them will be calculated according to the value of gold at the time of buying the bonds.
At the same time, a limit of 500 grams will be imposed on gold, which an individual can purchase annually. These bonds will be offered to individuals and legal entities of India and will be traded on the exchange so that investors can withdraw their funds at any time. Expected, That the government of India will receive $ 2.3 billion from the scheme of selling gold bonds in the current financial year.
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