Diamcor Mining, the owner of the Krone-Endora at Venetia project in South Africa, reported a net loss of C$1.2 million ($898,423) for the interim period ending June 30, 2023, compared to a net loss of C$918,953 ($677,361) for the same period in 2022.
The company sold 2,752.66 carats of rough diamonds in the current period, compared to an impressive 3,061.70 carats sold in the same period the previous year.
The decline in carats sold was compensated by an increase in the recovery of larger exceptional rough diamonds (+10.8 carats), resulting in a 57% gain in revenue to $874,663 from $545,553 in 2022.
As a result of the increase in recoveries of larger +10.8 carat special diamonds, the average dollar per carat realised on rough diamonds sold during the period increased by 74% to $317.75 per carat, compared to the average dollar per carat realised on all rough diamonds sold during the preceding interim period, which was $182.11.
Diamcor said that continuous trial mining activities at the Venetia project from inception through June 30, 2023, resulted in the incidental recovery, tender, and sale of 201,032 carats of rough diamonds, accruing $38.7 million in revenue at an average price of $192.52 per carat.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
