Diamcor reports two lucrative tenders for the third quarter
TSX-V-listed Diamcor Mining has achieved a 121% quarter-on-quarter increase in total carats sold to more than 8 300 ct, for revenues exceeding $2-million, in the third quarter.
This, says CEO Dean Taylor, demonstrates the company’s ability to generate significant revenues without the added benefit of any significant larger high-value rough diamonds.
In the current quarter, ending December 31, which is the company’s third fiscal quarter, Diamcor has, so far, recorded an average price of $246/ct, which was boosted by the sale of a 43.55 ct diamond in the specials category.
Diamcor sells rough diamonds recovered from the processing and quarry material of the Krone-Endora at Venetia project, in Limpopo, South Africa.
An initial tender and sale in the quarter under review generated $1.4-million in revenue for 5 518 ct sold, while it sold about 2 800 ct of diamonds for just under $630 000 in revenue in the second and final tender for the quarter.
The total combined carats tendered and sold in the quarter increased by 121% compared with the 3 776 ct sold in the quarter ended September 30.
Diamcor has since recovered 1 015 ct of additional rough diamonds, which will be tendered and sold in the next quarter.
The gross revenues from the two tenders and sales completed in the quarter under review remain consistent with the third fiscal quarter of last year, which saw the company generating just under $2.1-million in revenue.
Taylor says the company remains focused on continuing to increase processing volumes and the recovery of larger high-value rough diamonds.
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