Diamcor reports strong sales for the March quarter
Diamond miner Diamcor Mining reports that it was able to achieve strong results from the tender and sale of rough diamonds in the quarter ended March 31, despite the ongoing electricity supply disruptions in South Africa.
Diamcor, which is recovering diamonds through the processing of quarry material at its Krone-Endora at Venetia project, in Limpopo, sold 3 310.67 ct of rough diamonds, generating revenues of $1.58-million.
That translates to an average price of $477.16/ct.
Among the diamonds sold were two large gem-quality rough diamonds in the specials category – weighing more than 10.8 ct each – at 72.5 ct and 45.15 ct, respectively.
“We are very encouraged by the results achieved during the period, which again demonstrate our operational team’s continued ability to adapt to various situations and execute strategies aimed at minimising the impact of such events where possible.
“We will continue to manage the current operational limitations in the short term, while advancing additional objectives aimed at planned growth into the greater surrounding areas of the project and expedite the finalisation of the power system to allow us to resume our primary goal of increasing processing volumes at the project,” says Diamcor CEO Dean Taylor.
As previously reported by the miner, it is investing in a battery energy storage system, power conditioning equipment, switching systems and generator backup systems to overcome the impact of loadshedding on its operation. This project is expected to be completed by the end of June.
Once installed, the company believes this will significantly reduce, or eliminate, the impact of any potential future power supply issues at Krone-Endora for the long term.
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