Rapaport News




Advanced search
Latest Articles
Rough Markets
Polished Markets

Diamcor Mining Shifts Back into Black

Company benefits from lower costs in quarter ending September 30.
Nov 19, 2019 10:30 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

Diamcor Mining returned to profit in the second fiscal quarter, as an efficiency program helped it reduce costs.

The miner recorded a net profit of $350,676 for the three months ending September 30, versus a loss of $417,368 during the same period a year ago, it said last week. The company shaved its expenses by reducing its usage of heavy equipment and fuel, it explained.

Rough-diamond sales fell 22% year on year to $569,059 for the July-to-September period, as the company produced a higher proportion of smaller, lower-quality stones. It also held one fewer tender than during the same period a year ago. Diamcor primarily processed tailings — the ore remaining after the first round of processing — and previously stockpiled material, as it optimized its ore-retrieval process.

The company sold 3,883 carats of rough from its Krone-Endora at Venetia project in South Africa at an average price of $146 per carat. 

Diamcor expects its lowered operating expenses to continue into the third fiscal quarter ending December 31, it said.

Image: Fingers holding a rough diamond. (Diamcor Mining)
Tags: diamcor, Diamcor Mining, Krone-Endora at Venetia, Rapaport News
Similar Articles
Jwaneng mineDiamond Rebound to Boost Botswana Growth
Oct 21, 2020
Botswana’s government expects the country’s economy to return to growth next...
Dominion in Flux as CEO Resigns
Petra Lenders Take Majority Control of Company
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us