Diamcor Mining remains focused, despite Covid-19 impacts
With the onset of the global Covid-19 pandemic, Diamcor Mining remained focused on reducing costs, operational planning for the resumption of operations and continued strengthening of the core operational management team during the six months to September 30.
Despite the effects of the pandemic, the company tendered and sold 2 426.63 ct of rough diamonds, which were held in inventory as of March 31, and generated revenue of $339 280, resulting in an average of $109.32/ct in the second quarter.
This lower than historical average was expected given that these rough diamonds were recovered as part of tailings re-treatment exercises completed prior the mandated Covid-19 shutdown, the company said in a statement on December 1.
In total, ongoing trial mining exercises at the project from inception through to September 30 have resulted in the incidental recovery, tender and sale of 156 631 ct of rough diamonds, generating revenue of $25.9-million, resulting in an average of $165.84/ct.
Diamcor, during the interim period, also announced a convertible loan financing, the closing of a first tranche, and the extension of the convertible loan financing on September 29, October 20 and November 16, respectively.
The company intends to resume these payments in conjunction with the resumption of operations at its Krone-Endora at Venetia project, in South Africa, in December.
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