Industry News by Nemesis

Diamcor Mining Shifts Back into Black

November 21, 2019

 

Diamcor Mining returned to profit in the second fiscal quarter, as an efficiency program helped it reduce costs.

The miner recorded a net profit of $350,676 for the three months ending September 30, versus a loss of $417,368 during the same period a year ago, it said last week. The company shaved its expenses by reducing its usage of heavy equipment and fuel, it explained.

Rough-diamond sales fell 22% year on year to $569,059 for the July-to-September period, as the company produced a higher proportion of smaller, lower-quality stones. It also held one fewer tender than during the same period a year ago. Diamcor primarily processed tailings — the ore remaining after the first round of processing — and previously stockpiled material, as it optimized its ore-retrieval process.

The company sold 3,883 carats of rough from its Krone-Endora at Venetia project in South Africa at an average price of $146 per carat. 

Diamcor expects its lowered operating expenses to continue into the third fiscal quarter ending December 31, it said.

Image: Fingers holding a rough diamond. (Diamcor Mining)

 

Source: Rapaport

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