Industry News by Nemesis

Diamcor Sales Spike Despite Rough Price Drop

August 22, 2016

Diamcor Mining’s revenue more than quadrupled in its first fiscal quarter as increased efficiencies and processing volumes offset a decline in rough prices.

Revenue jumped to $1.9 million (CAD 2.4 million) in the three months that ended June 30 from $445,047 a year earlier, the South Africa-focused miner said. The average selling price fell to $142 per carat from $159 per carat a year earlier, mainly due to an “overall weakening” in rough prices during fiscal 2017. The company reported a $29,991 profit versus a loss of $550,106 a year ago. 

Diamcor operates the Krone-Endora at Venetia mining project, which it acquired from De Beers in 2008. 

 

Source: Rapaport

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