Image credit: Diamcor
The company said the diamonds sold were held in inventory as of March 31, 2020 and it realised an average price of $109.32 per carat in the six-month interim period ended September 30, 2020.
“This lower than historical average was expected given these rough diamonds were recovered as part of tailings re-treatment exercises completed prior to the mandated COVID-19 shutdown,” it said.
Diamcor said ongoing trial mining exercises at the project from inception through September 30, 2020 had resulted in the incidental recovery, tender, and sale of 156,631 carats of rough diamonds generating revenue of about $26 million, resulting in an average of $165.84 per carat.
A net loss of $621,016 was recorded for the three months ended resulting in a $0.01 per share loss.
Diamcor was forced to suspend operations in March due to a government mandated COVID-19 shutdown in South Africa.
The company resumed operations in October with reduced staffing levels.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
