Industry News by Nemesis

DiamondCorp Cuts Loss at Lace Mine

September 14, 2016

DiamondCorp’s pre-tax loss narrowed in the first half, but the company cautioned sales may lag in the coming months because of operational issues at its Lace mine in South Africa. 

The loss decreased to $328,000 (GBP 247,221) from $4.2 million a year earlier, driven by favorable foreign-exchange rates. Operating loss, however, widened 33 percent to $1.2 million, according to a statement. 

The company is preparing to hold its first sale in Antwerp on September 17, but pointed out it will offer fewer diamonds than expected as production at the Lace mine was disrupted for 9 days in August because of flooding. 

DiamondCorp will put up 5,700 carats of stones at the auction rather than the 7,000 carats previously planned. It currently holds 7,003 carats in inventory and while its September and October sales are projected to be smaller, the company expects to increase its monthly sales to the planned budget of 9,000 carats by December. 

 

Source: Rapaport

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