Diamcor records $1m in net income in its second fiscal quarter
Diamond miner Diamcor Mining tendered and sold 3 776.33 ct of rough diamonds in the quarter ended September 30 – the second quarter of its 2023 financial year.
The diamond sales generated revenue of $2.1-million, resulting in an average price of $556.08/ct. This performance was positively impacted by the sale of a 59.35 ct special rough diamond.
Diamcor, which is developing the Krone-Endora at Venetia project in South Africa, recorded net income of over $1-million for the quarter, compared with a net loss of $918 953 in the first quarter of its financial year.
Diamcor’s focus during the period continued to be on managing costs and remaining supply chain delays, the optimisation of operational hours to minimise the effects of national loadshedding in South Africa by State-run power supplier Eskom, and continued refinements to processing plants and equipment aimed at sustaining increased processing volumes for the long term.
“We are very pleased with the continued quarterly growth achieved again for the period ending September 30, and remain optimistic given the recent announcement of the delivery of 5 833 ct for the first tender and sale of this quarter,” says CEO Dean Taylor.
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