Diamcor Mining Inc. has said in a release dated Jan 20 that Tiffany & Co. Canada has agreed to payment deferrals and maturity date extension in respect of its loan and convertible debenture financings with the Company to support its plans. The agreement is for a period of six months. 

The junior diamond mining company has established a long-term strategic alliance with Tiffany & Co. Canada. Under the arrangement, the latter will purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis.  In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project.

Diamcor acquired the Krone-Endora at Venetia Project from De Beers in February 2011.

The release says that the arrangement is subject to the finalization and execution of amended documentation whereby interest will continue to accrue on the outstanding balances of the financing facilities during this period, with payments of both principal and interest to commence again on July 20, 2016.