Namakwa Diamonds has secured a two-year, $40 million loan from Jarvirne Limited, StockMarketWire reports.



The agreement stipulates that Jarvirne will make the first part of the loan, $5 million, available by September 9 and will increase its share in Namakwa to 28.45%, pending shareholder approval.



Namakwa Diamonds CEO Richar Collocottt explained that the funding package from Jarvirne Limited would enable Namakwa’s Storm Mountain Diamonds subsidiary to progress to commercial diamond production at the Kao mine in Lesotho.