Diamcor Q3 revenue falls as COVID-19 takes toll

Diamcor Mining says it generated revenue of about $138 000 from the sale of diamonds unearthed at Krone-Endora at Venetia project, in South Africa for the three months ended December 31, 2020, compared to about $1,9 million, a year earlier.
The drop in revenue was attributed to the effects of the required government shutdown associated with the COVID-19 global pandemic.
Diamcor said it incurred a net loss of $1,4 million during the third quarter of 2020, resulting in a $0.02 per share loss.
Meanwhile, Diamcor said its profitability will be dependent upon the recovery and sale of rough diamonds, which is dependent in significant part upon the worldwide demand for, and price of, diamonds. 

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