Diamcor Mining recorded lower revenues of $699,298 from its Krone-Endora at Venetia project in South Africa for the three months ended June 30, 2022, compared to about $1,5 million, a year earlier.
This was largely due to the timing of tenders during the quarter, and a decision by the company to retain and offer rough diamonds held at the end of the interim period at upcoming tenders.
It said ongoing trial mining exercises from inception through June 30, 2022, have resulted in the incidental recovery, tender, and sale of about 183 000 carats generating revenue of $32,1 million.
Diamcor said it continued to advance the second phase of its two-phase expansion plans aimed at supporting the doubling of the project’s hourly processing capabilities during the period.
To increase hourly processing rates now achieved, the company’s efforts have shifted to additional operational items aimed at reducing or eliminating the impact of ongoing issues with the national power supply in South Africa.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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