Diamcor Tender Generates Strong Results
Diamcor Mining garnered $1.6 million from its most recent tender as the average price rose amid the sale of large stones.
The company sold 1,837 carats of rough from its Krone-Endora at Venetia deposit in South Africa at an average price of $883 per carat, it said Wednesday. The sale included a 59.35-carat, high-quality diamond. With the exception of that stone, the tender generated $425,423 at an average price of $239 per carat, Diamcor noted.
Diamcor sold 3,776 carats for a total of $2.1 million during the quarter ending September 30, at an average of $556 per carat. Revenue rose 276% versus the previous quarter, the miner added. However, the total is lower than the company expected, due to power outages in South Africa in July and August, which reduced operational hours.
“We are very pleased with the strong results achieved at our latest tender and sale, despite dealing with the significant challenges of operational interruptions and the resulting lower processing volumes caused by the rolling blackouts,” said Diamcor CEO Dean Taylor. “The revenues achieved confirm the potential and value of recovering large gem-quality rough diamonds in the specials category, and with the country’s power supply now appearing to have stabilized, we look forward to increased processing volumes through to the end of this year and the potential of recovering additional large rough diamonds in the specials category.”
Image: Rough diamonds. (Diamcor Mining)