Lace mine is operated by DiamondCorp. DiamondCorp has the surface and sub-surface prospecting rights to the Lace property, located some 200km south-west of Johannesburg, near the town of Kroonstad in the Free State Province. The Company has the prospecting rights over two other properties, namely the Silverbank and the Moregroet, both of which adjoin the Lace property.
The initial strategy of the company is to exploit the Lace property and its surrounding areas in a two-phase approach: first the treatment of existing tailings on the Lace property and secondly the sinking of a decline shaft into the unmined portion of the Lace satellite pipe.
The accelerated underground development plan (Phase 2) involved the sinking of a new 4m x 4m decline between the Lace pipes and the existing 6m x 2.7m vertical shaft, which is in the process of being refurbished in order to access kimberlite below the -240m level.
DiamondCorp has been granted a mining right for the Lace underground development by the Department of Minerals and Energy, which was executed on 5 February 2009. When Satellite pipe grades allow for profitable mining at current market prices, mining of the Satellite pipe will continue until Main pipe material is accessed.