Diamcor, which is conducting trial mining at Krone-Endora at Vanetia project in South Africa, generated gross revenues of $53,454 in the interim period ended December 31, 2023 compared to about $2,5 million a year earlier.
The decline was due to the noted short-term shift in focus at the project as a result of the limited processing caused by Eskom load-shedding in the first half of 2023.
Meanwhile, Diamcor recorded a net loss before tax of just above $1 million for the interim period compared with $386,619 in 2022.
This increased loss was partially attributable to reduced processing volumes in the previous quarter ended September 30, 2023, inconsistent power supply and the ongoing industry inventory rebalancing efforts which resulted in limit processing levels during the majority of 2023.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
