Aim-listed investment company Kazera Global has reported that its final tally of sorted diamonds increased to 242 ct from the 220 ct reported on February 23.
Once this month’s production is sold, assuming an average price of $200/ct, it will take the company’s South African operation into profitability.
“The latest diamond results mean that our South African operation is now covering its own overheads.
"The additional revenues from the gravel stockpile and the two new areas of operation indicate that this project should be a major cash generator for the company in the near future,” says Kazera executive director managing the South African operations Dennis Edmonds.
Kazera in June last year announced it was acquiring a controlling interest in a near-term producing diamond mine, as well as in a heavy mineral sands opportunity, in South Africa.
The completion date for the acquisition of a 90% stake in Whale Head Minerals has been extended to June 30, owing to Covid-19-related delays to necessary approvals.
The work programme on the heavy mineral sands project will be funded by diamond production revenue and will aim to produce over 6 000 t a month of heavy mineral sands.