Diamcor rakes in $271k from latest tender, continues with cost reduction measures

Diamcor recently completed a tender and sale of 2,427 carats from its Krone-Endora at Venetia Project, in South Africa, generating gross revenues of $271,263.
The company recorded an average price of $111.87 per carat for the period.
“We were very pleased with the results of this tender given the higher dollar per carat was primarily associated with a higher percentage of larger, higher quality rough diamonds which were recovered just prior to the required shutdown of operations at the Project,” said Diamcor chief executive Dean Taylor.
“It was unfortunate timing, as the efforts undertaken by our new operational team were clearly demonstrating positive results...” 
Meanwhile, Diamcor said it is continuing with efforts to implement short-term operational changes and cost reduction efforts at its Krone-Endora since the lockdown directive associated with the COVID-19 virus was imposed on March 23.
The project had been under temporary care and maintenance for the past three months.
Diamcor said it continues to reduce, defer, and minimise costs, including management and director compensation, where possible, during the lockdown period.
“The company is also working with its corporate bank, and the South African government, in an effort to secure COVID-19 relief funds, to support the project’s return to day-shift operations when possible,” it said.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished