Diamcor focusing on resumption of operations
With the continuation of the Covid-19 global pandemic, Canada-based junior miner Diamcor’s focus for the three months ended September 30 remains on maintaining reduced costs, the resumption of operations on an appropriate basis and the finalisation of Phase 1 of the company’s announced preparations for increased processing volumes in the near term.
Despite the continued Covid-19 restrictions limiting processing capacity during the quarter, the company was able to sell 4 326.56 ct of rough diamonds, generating revenue of just over $1-million at an average of $226.64/ct.
In total, the ongoing trial mining exercises at the company’s Krone-Endora at Venetia project from inception through to September 30 have resulted in the incidental recovery, tender and sale of 169 574 ct of rough diamonds, generating revenue of more than $29.1-million.
This resulted in an average of $171.95/ct.
Diamcor has also resumed work on its pre-Covid-19 plans for a two-phase expansion of processing facilities, with the first phase aimed at doubling the current processing volumes completed ahead of schedule during the period under review.
Considering that there were also reductions in operational salary and wages expenses, variable operational costs and historical fixed costs, the miner reported a net loss of $525 876 for the period, resulting in a $0.01 a share loss.
This, DiamCor said, was further influenced by mandated Covid-19 restrictions from the South African government, which have subsequently seen a reduction in some of the remaining restrictions of the mandated shutdown during the quarter.
As a result, the company now plans to continue to operate with due consideration to maintaining a focus on reduced costs, given the uncertain circumstances associated with the pandemic.
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