Canadian diamond mining company Diamcor has reduced its net loss for the year ended March 31, 2023, to C$762,308, compared to C$2,4 million, a year earlier.
This resulted in a C$0.01 per share loss compared to the previous year’s C$0.03 per share loss.
Diamcor generated gross revenues of C$7,2 million from operations in the year, a 37% increase as compared to C$5,8 million for the same period in the previous year.
However, expenses were C$6,4 million during the period under review compared to the previous year’s C$7 million, resulting in a net loss of C$762,308.
Meanwhile, Diamcor said the overall average dollar per carat achieved on all rough diamonds sold during the period increased by 39% to US$340.51 per carat as a result of increased recoveries of larger +10.8 carat special diamonds.
It sold 18,476 carats of rough diamonds in the year, compared to 18,781 carats during the same period in 2022.
“We are pleased to be able to announce these improved results in virtually every metric over the previous year given the significant challenges with consistent power supply we had to endure during the latter half of the fiscal year,” said company chief executive Dean Taylor.
“We believe these results demonstrated the potential the project has, and we now look to shift our focus to advancing the drilling and bulk sampling efforts over the greater areas of the project to further support increased processing volumes and operational consistency.”
Diamcor's primary focus is on the mining and development of its Krone-Endora at Venetia project, which is co-located and directly adjacent to De Beers' Venetia Diamond Mine in South Africa.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
