TSX-listed junior diamond miner Diamcor Mining – in its first tender and sale of rough diamonds recovered from the processing of quarry material from its Krone-Endora at Venetia project, in South Africa, during its new fiscal year starting April 1 – tendered and sold 2 122.76 ct.
The sale generated initial gross revenue for the quarter of $591 733, resulting in a combined average price of $278.78/ct.
Of the total, 1 879.87 ct of rough diamonds were tendered and sold in Dubai, in the United Arab Emirates (UAE), generating gross revenues of $564 189, and resulting in an average price of $300.12/ct.
A further 242.89 ct of run-of-mine rough diamonds were sold to the South African State Diamond Trader, for gross revenues of $27 584, resulting in an average price of $113.57/ct.
The Dubai UAE tender and sale included two rough diamonds in the special category – a 12.87 ct gem-quality rough diamond, and an 11.13 ct rough diamond.
Further, about 1 000 additional carats of rough diamonds, including two rough diamonds in the special category – a unique 14.09 ct square or cube gem-quality rough diamond and a 16.13 ct rough diamond – were also delivered and will be included in Diamcor’s next tender and sale.
Diamcor says the results from the sale reconfirm the potential for increased average dollar a carat values from the operational and processing refinements made by the company, and from the recovery of larger gem-quality rough diamonds in the special category.
Diamcor states that the size and quantity of special rough diamonds in the latest sale and tender, and those to be offered in Diamcor’s upcoming tender, are considered uncommon for the Krone-Endora at Venetia project. The miner also states that the project continues to demonstrate its potential to generate “excellent” dollar per carat results and revenues from processing quarry material.
Diamcor says overall demand and pricing in a majority of the rough diamond assortments tendered and sold by it continued to meet expectations, with the exception of some “slight weakness in lower-quality smaller goods”.
CEO Dean Taylor says that, despite continuing to operate on a reduced basis to stringently manage costs, Diamcor’s ongoing planning and preparations to increase processing volumes remains a key focus.