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Diamcor Q2 revenue down on limited processing volumes

15 november 2019

news_10082018_diamcor.jpgDiamcor Mining has realised $560,059 in revenue from its Krone-Endora at Venetia project, in South Africa during the period ended September 30, 2019 compared to revenues of $726,846, realised during the same period in the prior fiscal year.
It said the decrease in sales during the current quarter was a result of limited processing volumes due to contract equipment reliability issues experienced early in the quarter, as well as the timing of rough diamond tenders during the period. 
“Extensive work during the later portion of the quarter was undertaken to further refine the project’s processing facilities, implement a new operational team, and on efforts to replace the existing contract equipment provider with new providers and larger equipment to enhance both reliability and processing volumes,” said Diamcor.
It realised a price per carat of $146 during the period under review, compared to an average price per carat of $278, recorded in the same period in 2018. 
The average dollar per carat during the current period was in line with company expectations due to continued weakness in various categories of rough diamonds.
Diamcor said the potential for increases in the average dollar per carat due to increases in the number of larger gem quality rough diamonds recovered, and rough diamond market pricing improvement moving forward, remain relevant as the project continues to demonstrate the potential of the deposit.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished