Kimberley Diamonds Limited (ASX:KDL) announced today it is going ahead with the re-commissioning of its Lerala Diamond project in Botswana.
The company plans to spend $15 million to restart the operation and the work is expected to commence in the first half of 2015.
The board decided in a strategic review to defer the development of its Ellendale mine after failing to secure a price increase from one of its largest customers. Kimberley Diamonds will revisit the Ellendale development in due course.
Meanwhile it will continue to focus on Lerala which is expected to produce 400,000 carats of diamonds per year once it is fully up and running.
Kimberley Diamonds reported a loss of $6.9 million for the half year ended 31 December 2013.
