Diamcor Mining reported a net loss of $1.8 million for the second quarter of FY2024 compared to $1 million profit in the same period last year.
The company said it managed to reduce its operating expenses to $735,678 for the interim period from the previous year’s $991,160, resulting in a gross margin of -$672,610.
It recovered and sold 201,032.51 carats of rough diamonds from inception through September 30, 2023, at the Krone-Endora at Venetia project in South Africa generating revenue of $38,7 million at an average price of $192.52 per carat.
The company’s primary focus during the period was on the advancement of planned bulk sampling exercises aimed at determining the extent and location of the known displacement over the greater portions of the property.
“Due to the nature of these exercises and the limited processing caused by Eskom load-shedding in the period ending September 30, 2023, no rough diamonds were tendered or sold during the period,” it said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
