Troubled diamond producer Namakwa Diamonds said it does not have access to its $30 million credit facility any longer and it is in advanced talks to sell its mining business in the Democratic Republic of Congo, Reuters reported.

The company, which remains in talks with the lender, is also seeking alternative funding, the report said.

Namakwa, which is in the midst of a strategic review, said it will take a $17 million charge as it plans to wind up all its diamond trading joint ventures.

The company operates in South Africa, Botswana, the Democratic Republic of Congo andIsrael.

Namakwa said its South African operations, which were hurt by declining grades and increasing costs, will move to a contractor model from an owner-operated model, the report said.

Chief Executive Nico Kruger has stepped down as part of the review, commenced in June, and will be replaced by Chief Financial Officer Richard Collocott.

On Wednesday, the company announced the resignation of its Chairman Hans Smith.

Namakwa shares, which have fallen almost 40% since the beginning of June, fell a further 30% to 18 pence on Thursday on the London Stock Exchange.