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Krone-Endora at Venetia project expansion, South Africa – update

Image if Krone-Endora diamonds

Photo by Diamcor Mining

6th October 2023

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Krone-Endora at Venetia project expansion.

Location
Limpopo, South Africa.

Project Owner/s
Diamcor Mining.

Project Description
The project entails a two-phase expansion of the processing facilities.

The first phase will double the current processing volumes in the near term. This phase includes the installation of a new materials handling step (scrubbing), the improvement and expansion of the diamond concentration system, the installation of a new electronic diamond X-ray recovery unit and various other refinements to lower water and power consumption on a per-ton basis.

The second phase is aimed at finalising the project’s mining and processing scheme to significantly enhance long-term processing volume capabilities as part of the company’s overall long-term mineral project management strategy. This phase will also focus on completing the groundwork necessary for future expansion capabilities.

Diamcor plans to consolidate its current facilities to further increase throughputs, reduce the overall processing footprint and unit costs, and minimise environmental disturbance. Additional heavy equipment will also be added if required to support these objectives. This overall strategy will be supported by the parallel activities of drilling and bulk sampling of prospective target areas.

The project is not expected to affect the processing efforts currently under way.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
Phase 1 of the project has been completed. The initial upgrades were originally targeted for completion by the end of September 2021.

Latest Developments
Diamcor Mining plans to complete a term loan financing of up to C$5-million.

The proceeds will be used for general corporate purposes, the deployment of additional operational equipment to support increased processing volumes, the continued advancement of the work programmes under way at Krone-Endora and to provide the company with additional working capital to offset the timeframes associated with the tendering and sale of rough diamonds.

Diamcor reported in August that ongoing trial mining exercises at Krone-Endora, from inception to March 31 this year, had resulted in the incidental recovery, tender and sale of 198 279.85 ct of rough diamonds, generating revenue of $37.83-million.

During the financial year ended March 31, 2023, the company tendered and sold 18 476 ct of rough diamonds.

The company completed the reconfiguration of its existing generator systems at Krone-Endora in July, enabling it to process material without disruption amid rotational power cuts by South African power utility Eskom. Diamcor expects this will help it improve processing volumes and diamond recoveries.

The company took delivery of a new large excavator at Krone-Endora to increase processing volumes and diamond recoveries in July.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Diamcor Mining, tel  +1 250 862 3212 or email info@diamcormining.com.

Edited by Creamer Media Reporter

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