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TORONTO (miningweekly.com) – In expectation of moving to 24/7 operations at its flagship Krone-Endora at Venetia project, in South Africa’s Limpopo province, Kelowna, British Columbia-based Diamcor Mining on Monday reported its third consecutive increase in quarterly revenues in its 2014 financial year.
During the three months ended December 31, the company completed two rough diamond sales, the majority of which were recovered through ongoing testing and commissioning exercises on the lower-grade upper zone material, in the +1.2 mm to -12 mm size fractions, with the remaining diamonds recovered from limited processing of material in the +12 mm to -26 mm size fractions.
A total of 3 955 ct were sold in the quarter, generating proceeds of $1.43-million, or an average of $361.81/ct. This represented an increase in total quarterly proceeds, from $856 119 for the second quarter and $415 495 for the first quarter.
Total proceeds for the third quarter included proceeds from selling the company's first gem-quality rough diamond in the +50 ct size category, a 91.72 ct octahedron diamond which sold for $817 920, or $8 917.58/ct.
As of December 31, the company had about 1 500 ct of rough diamonds that would be tendered for sale in the current quarter.
During the third quarter, in conjunction with the ongoing testing and commissioning exercises, the company also completed further development and expansion work on the project's in-field quarrying and dry-screening plant.
This included the installation of a higher capacity resonance screening system supplied by Dabmar Industries, along with expanded conveyor systems and structures designed and fabricated by the company to enhance the efficiency and capacity of the dry-screening plant.
Further, the company made enhancements to the main processing plant, including installing greater capacity dewatering screens and a dedicated crushing cycle that would improve the effectiveness of processing materials in the larger size fractions.
To date, the company had tendered and sold a total of 15 411.74 ct generating total proceeds of $3.21-million, or $208.52/ct, on average.