Diamcor saw a significant sales jump in the third fiscal quarter as production increased at its mine in South Africa.
Revenue surged 76% to $1.4 million in the three months ending December 31 2018, compared to $864,546 in the same period in 2017, the miner reported Friday. The company recorded a net loss of CAD 861,883 ($648,222) — down from a deficit of CAD 1.1 million ($825,364) a year earlier — after lowering the cost of its operating activities.
Those improvements came despite a 2.5% drop in the average selling price for rough from Diamcor’s Krone-Endora at Venetia mine. The diamonds sold for an average of $194 per carat, versus $199 per carat the year before.
Revenue for the first nine months of the year fell 40% to CAD 3.1 million ($2.3 million), while the net loss for that period remained flat.
Image: Rough diamonds. (Diamcor Mining)