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.