Diamcor tender generates $1m in revenue
TSX-V-listed Diamcor Mining has had a fruitful first rough diamond tender for the year, selling 3 062 ct and generating gross revenue of $1.01-million.
Diamonds sold for an average price of $329.93/ct.
The tender included three individual rough diamonds in the specials (more than 10.8 ct in weight) category, with the largest being a low-quality 16.79 ct rough diamond.
The company mines rough diamonds from the Krone-Endora at Venetia project, in South Africa.
Diamcor points out that while larger individual special rough diamonds have the potential to significantly increase the average dollar per carat achieved in any tender, this was not the case in this particular tender, as the strong pricing achieved was the result of an increase in all categories and assortments offered.
“Increased demand for all rough diamonds offered due to current limited availability industry-wide was apparent during the tender, and pricing in all rough diamond assortments and categories offered by the company increased over the previous quarter.
“The potential for increases in rough diamond prices experienced in this tender was anticipated, as the potential for shortages and price increases moving forward had been widely reported in the mainstream media early in 2022,” CEO Dean Taylor explains.
He adds that the inaugural tender for 2022 confirmed both the quality of Diamcor’s diamonds and the strength of the buyers. Taylor expects strong demand to continue on the back of low inventories.
To make use of the positive diamond market, Diamcor will work diligently to complete Phase 2 of upgrades to push more volume at its processing plant in coming months.
The miner plans on completing a second tender and sale before the quarter ends.
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