Diamcor’s rough diamond tender revenues in fiscal Q1 at $1.85 million

Revenue dips 3% on y-o-y basis
Diamcor’s rough diamond tender revenues in fiscal Q1 at $1.85 million

Diamcor Mining Inc announced results of the rough diamonds tendered and sold in its first fiscal quarter ending June 30, 2017. The rough diamonds recovered, tendered, and sold during the period were from the processing of material being completed as part of the testing, commissioning, and calibration work underway on the newly expanded facilities at the company’s Krone-Endora at Venetia project in South Africa.

In the quarter, rough diamonds tendered and sold stood at 8,318.82 carats, generating gross proceeds of $1,851,122.55, and resulting in an average price of $222.52 per carat. The first tender in the quarter took place in April with 2,900.62 carats of rough diamonds sold for gross proceeds of $810,106.26, or an average price of $279.29 per carat. The second tender and sale held in May achieved 3,265.07 carats of rough diamonds selling for gross proceeds of $702,635.70, and an average price of $215.20 per carat. The quarter’s last tender and sale took place in June with 2,153.13 carats of rough diamonds sold for gross proceeds of $338,380.59, or an average price of $157.16 per carat.

The first fiscal quarter rough diamond tender and sales represents a ~38 percent decrease when compared to the 13,384.72 carats tendered and sold in the same quarter last year. The decrease has been attributed to the limited processing completed as compared to the same period during the prior fiscal year given the testing, commissioning, and calibration work being undertaken in the current year’s period. The gross revenues of $1,851,122.55 represents a 3 percent decrease from the revenues of $1,905,978.44 on y-o-y basis. The $222.52 per carat average price is 56 percent higher compared to an average dollar per carat of $142.40, for the same period in the previous fiscal year when the facilities processed only materials in the +1.0mm to -26mm size fractions.

Rough diamonds tendered and sold in the current period were the result of rough diamonds recovered prior to May 25, 2017.

The testing, commissioning and calibration of the newly expanded facilities at the Project continued to progress as planned during the quarter, and overall increases in processing volumes and reliability are expected moving forward.


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