Diamcor reports increased tender sales

JOHANNESBURG (miningweekly.com) – Canadian junior Diamcor Mining sold 3 697.33 ct of rough diamonds from its Krone-Endora Venetia project, in Limpopo, in the company’s fiscal quarter ending March 31, 2016. The gross proceeds amounted to $542 540.43, resulting in an average price of $146.74/ct. 

Meanwhile, in the second and final tender of the current fiscal quarter, completed in February, the company sold 3 199.17 ct of rough diamonds, for gross proceeds of $485 834.09, resulting in an average price of $151.86/ct.  

This brought the combined rough diamonds tendered and sold during the fiscal quarter to 6 896.50 ct, generating gross proceeds of $1 028 374.34 for an average price of $149.12/ct. 

Rough diamonds tendered and sold in the second tender were the result of rough diamonds recovered and delivered for preparation before a February 2016 cutoff date. 

Rough diamond tenders and sales for the fourth fiscal quarter saw a 49% year-on-year increase compared with 4 619.11 ct tendered and sold in the fourth fiscal quarter ending March 31, 2015. This year’s fourth fiscal quarter also saw a 22% increase in gross revenue against gross revenues reported in that same prior period.   

Rough diamonds tendered were the result of the continued processing of material in the +1.0 mm to -26 mm size fractions, along with the initial limited processing of material from various larger-size fractions during the period.