Diamcor completes second tender from South African flagship
TORONTO (miningweekly.com) – Emerging South Africa-focused diamond producer Diamcor Mining has sold 3 123.32 ct of rough diamonds at its second tender, for total proceeds of $415 495.03, or an average of $133.03/ct, from its Krone-Endora at Venetia project, in Limpopo.
The rough diamonds were recovered during testing and commissioning of the expanded quarrying and in-field screening operations at the project, which were limited as a result of unusually heavy rains causing significant delays.
Diamcor estimated that about half of the rough diamonds sold were recovered from treating previously processed -10 mm material through the new expanded quarrying and in-field screening operations, with the remaining recoveries coming from processing new material up to -12 mm in size.
“The overall dollar per carat achieved for these exercises certainly exceeded our expectations given that the challenging operating circumstances of the quarter were expected to result in a weaker, nonrepresentative sample consisting of a greater number of smaller rough diamonds as compared to results expected during normal operations,” president and CEO Dean Taylor said.
Despite no material above 12 mm having been processed yet, of the 6 702.90 ct tendered to date, about 500 individual rough diamonds of 1 ct in size or larger were recorded.
Diamcor added that the quantity, size-frequency distribution, quality assessment, and initial price achieved by the rough diamonds recovered and sold to date continued to meet or exceed the company's expectations.
The company's focus would now shift to processing all materials, including that above 12 mm in size.
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