Diamcor Mining sold 3,310.67 carats of rough diamonds, including two large gem-quality stones in the specials category, generating about $1,6 million, resulting in an average price of $477.16 per carat in the fourth fiscal quarter ending March 31, 2023.
The two large gem-quality rough diamonds sold were 72.5 carats and 45.15 carats.
It said the recovery and sale of these two rough diamonds continued to demonstrate the Krone-Endora at Venetia Project’s potential for large gem quality diamonds to be recovered, and their ability to improve revenues and the overall average dollar per carat achieved in any given period.
“We are very encouraged by the results achieved during the period, which again demonstrates our operational team’s continued ability to adapt to various situations and execute strategies aimed at minimizing the impact of such events where possible,” said Diamcor chief executive Dean Taylor.
“We will continue to manage the current operational limitations in the short-term while advancing additional objectives aimed at planned growth into the greater surrounding areas of the project, and expedite the finalization of the power system to allow us to resume our primary goal of increasing processing volumes at the project.”
Meanwhile, Diamcor said it had been proactive in managing the recent power issues with Eskom, South Africa’s national power supplier, and will continue to manage its operations to maximise efficiencies where possible in the processing of quarry material for the short term.
The procurement and installation of the globally recognised tier 1 battery energy storage system, power conditioning, switching systems, and generator backups remain a key focus of the company and are targeted for completion by the end of June.
Once installed, this system will serve to significantly reduce, or eliminate, the impact of any potential future power supply issues at the project for the long term.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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