Diamcor Mining, which is conducting trial mining exercises at its Krone-Endora at Venetia project, in South Africa, says it recorded a net loss of $3,4 million in the year ended March 31, 2021, resulting in a $0.05 per share loss.
Due to the effects of the required government shutdown associated with the COVID-19 global pandemic, the company had lower than anticipated revenues of $1,5 million compared to about 4 million in 2020.
Diamcor also realised $21,863 from interest and other income during the year down from $45,482, a year earlier.
The reduction, it said, was primarily due to falling interest rates or investment rates in South Africa.
The company had working capital of $416,173 as of March 31, 2021, compared to negative working capital of $1,6 million, the previous year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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