Image credit: 11754907 (Pixabay)
Diamcor Mining, which owns the Krone-Endora at Venetia project, in South Africa says it earned about $3,03 million in revenue as of March 31, 2020, which is consistent with revenues of $3,03 million realised during the prior fiscal year.
It said the results were achieved despite various issues throughout the year in reaching desired processing volumes due to contract equipment reliability issues, and the limitations imposed on operations at the end of the fiscal year due to the South African government imposed lockdown. Diamcor said it ralised a lower average price per carat of $115, as compared to an average price per carat of $225 recorded in the previous year.
This significantly lower average dollar per carat during the current year was expected, and a direct result of the processing of tailings material to support the evaluation efforts being undertaken by the project’s new operational team to identify processing plant and final recovery efficiencies.
The company’s net loss narrowed to about C$3,6 million in the year ended March 31, 2020 as compared to a net loss of C$3,9 million for the year ended March 31, 2019.
It recorded a negative cash flow from operating activities of C$1,2 million compared to negative cash flow from operating activities of C$3 million for the previous year ended.
Meanwhile, the ongoing trial mining exercises to March 31, 2020 resulted in the incidental recovery and sale of 154,204 carats of rough diamonds generating revenue of $25,7 million or at an average price of $166.72 per carat.
The average price was lower than historical results due to the lower value of rough diamonds recovered from tailings retreatment exercises in 2019.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
