TSX-V-listed Diamcor Mining has recovered a 72.53 ct gem-quality diamond at its Krone-Endora at Venetia mine, in South Africa's Limpopo province.
The diamond is being offered for tender and sale in Dubai and is expected to offset the lower-than-expected total of carats sold by Diamcor in the first sale of the current quarter.
Diamcor sold 1 466.12 ct of rough diamonds during the first sale of this quarter, earning revenue of $294 696.73, representing an average price of $201/ct.
Sales were lower than anticipated as a result of the severity of loadshedding being implemented by State-owned power utility Eskom across South Africa.
The company’s operational team has operated this past year within the constraints of the power supply issues, with the objective to find the right solution to mitigate the impact of loadshedding on Krone-Endora.
The company is in advanced stages of discussions on procurement and the installation of backup power systems, it says.
“I am confident the implementation of the power supply backup systems will provide improved power consistency needed for the processing plant to reach its designed potential,” says CEO Dean Taylor.