IDC-Funded Diamond Beneficiator African Romance Closes Shop

Mining Weekly reported that African Romance, a company which obtained funding from the Industrial Development Corporation in the amount of R97-million, has ceased operations. The company originally operated with the objective of being able to sell quarter-carat-and-above diamonds at highly competitive prices.

As quoted in the market news:

Mokhesi said that the board of African Romance had passed a resolution in December to place the company in voluntary liquidation but, as far as the IDC knew, the board had not yet applied for voluntary liquidation.

“African Romance has resolved to liquidate, and the IDC has no further comment. We await the outcome of the liquidation process,” Mokhesi said in an emailed response to Mining Weekly Online‘s questions.

Click here to read the full Mining Weekly report.