Brazil Minerals lifts rough diamond sales 84% q-o-q
TORONTO (miningweekly.com) – US miner Brazil Minerals this week said its quarter-on-quarter rough diamond sales had increased 84% in the third quarter ended September 30.
The company said its subsidiary Mineração Duas Barras, a diamond- and gold-mining operation in Brazil, had sold 1 662.65 ct of rough diamonds in the period, compared with 902.10 ct in the previous quarter.
"This … result … underscores the quality of our mining concession and processing plant. In fact, over 95% of our diamond production is of gem quality and destined for jewellery.
“Our diamond and gold processing plant is the largest of its type in Latin America, and our operating team is highly experienced. Duas Barras is profitable and we believe that we have only begun tapping into its full potential,” chairperson and CEO Marc Fogassa said in a statement.
Brazil Minerals had started to set aside a small part of its rough diamond production for cutting and polishing, and has built an initial inventory of high-quality polished diamonds for sale.
Some of these polished gems had already been graded by the Gemological Institute of America’s laboratory, considered the industry’s standard. Polished diamonds, on a per-carat basis, can achieve many times the revenue of rough diamonds and much higher margins.
The company would report its full results before November 15.
Brazil Mining’s producing assets include a 55% ownership the Duas Barras diamond/gold operation, and the company has exploration projects for vanadium, titanium, iron, and gold, and a pipeline of other opportunities throughout Brazil.
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