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Strong dollar pushing up Diamcor’s diamond tendering proceeds

2nd September 2021

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

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TSX-listed diamond miner Diamcor Mining tendered and sold 4 330.24 ct so far in the quarter ending September 30, generating initial gross revenues of $1.02-million and resulting in a combined average price of $236.44/ct.

This is after its third tender and sale of rough diamonds recovered from the processing of quarry material at Diamcor’s Krone-Endora at Venetia project, in South Africa.

The company reports that the results of the tender, held in August, continue to demonstrate the potential for increased average dollar per carat values from the operational and processing refinements made by Diamcor, and from the recovery of larger gem-quality rough diamonds in the special category of greater than 10.8 ct.

In an initial sale completed early in July, 1 560.39 ct of rough diamonds recovered from the processing of quarry material were sold, generating gross revenues of $271 509, resulting in an average price of $174/ct.

In a second sale completed in late July, an additional 1 429.15 ct of rough diamonds recovered from the processing of quarry material were sold, generating additional gross revenues of $472 576, resulting in an average price of $330.67/ct.

In the third tender and sales of the quarter, completed in late August, an additional 1 340.70 ct of rough diamonds recovered from the processing of quarry material were sold, generating additional gross revenues of $301 812, resulting in an average price of $225.12/ct.

All tenders and sales included several rough diamonds in the specials category of greater than 10.8 ct.

Diamcor plans to offer additional rough diamonds for tender and sale this month.

Diamcor CEO Dean Taylor says the company is pleased with the continued strong dollar per carat and gross revenue numbers being achieved during the quarter despite currently operating on lower volumes as a result of the Covid-19 pandemic.

He adds that, with the completion of Diamcor’s previously announced Phase 1 upgrades remaining ahead of schedule, the company looks forward to a potential increase in sales in the coming months.

“Now in the final stage of commissioning, the upgrades are targeted to increase processing volumes by up to 100%.”

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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