JOHANNESBURG (miningweekly.com) – Aim-listed diamond producer Pangea DiamondFields has sold 5 710 ct from its Longatshimo River and Tshikapa River projects, in the Democratic Republic of Congo (DRC), as well as from its Dimbi project, in the Central African Republic (CAR).

The sale raised gross proceeds of $670 000, the company said on Monday.

The 3 710 ct retrieved from the DRC averaged at sale prices of $117/ct, while the 2 000 ct retrieved from the CAR averaged $116/ct.

“This sale, in addition to the $0,23-million raised from the sale of diamonds from the Bakerville project, further fortifies our cash position and provides additional support for the company to continue pursuing the development of our current key projects, Cassanguidi in Angola and Bakerville in South Africa,” said Pangea DiamondFields CEO Brett Thompson.

“The sale prices achieved represent a discount of about 30% to 35% to the long term target prices we would expect to achieve in a normal market for the DRC and CAR projects, but were considerably better than forecast sale prices at this time of 50% below our long-term targets.”