Diamcor to tender 9 480 ct of diamonds in Q3

3rd December 2015 By: Ilan Solomons - Creamer Media Staff Writer

Diamcor to tender 9 480 ct of diamonds in Q3

JOHANNESBURG (miningweekly.com) – TSX-V-listed Diamcor Mining plans to tender a collective 9 480 ct in the current quarter to December 31 – a 95% increase on the 4 845.93 ct tendered and sold in the second quarter of the year. 

The company has already sold 6 859.31 ct in the current quarter for gross proceeds of $813 440. The diamonds, which were recovered from the Krone-Endora at Venetia project in South Africa’s Limpopo province, sold at an average price of $118.59/ct.
The price per carat was in line with Diamcor’s expectations, given current market conditions.

The miner further said it continued to advance its efforts with respect to the pending confirmation and receipt of final approvals from South Africa’s Department of Water and Sanitation to allow for the integration of additional water boreholes aimed at supporting further increases in the processing volumes and the optimisation of the project’s dry screening plant and main treatment plants. 

In addition to the ongoing processing of materials in the +1 mm to -26 mm size fractions, Diamcor also anticipated that the processing of the previously stockpiled materials of +26 mm will start in the coming weeks.     

The company stated that the recovery of all rough diamonds, to date, was “incidental” to the ongoing commissioning and testing exercises performed at Krone-Endora. 

“The testing exercises and incidental recoveries do not form part of the updated technical report and, therefore, no general grade, price or quality determination is intended by us at this time owing to the nature and purpose of the processing of this material,” it noted.