Diamcor Mining failed to generate gross revenues in the interim period that ended June 30, 2024, from rough diamond sales and gains on foreign exchange income from previous rough diamond tender and sales compared to C$1 million ($738, 494) a year earlier.
The company said it had no sales of rough diamonds during the period, as many companies either limited or suspended processing for the short term while inventory imbalances continued throughout the interim period.
Diamcor said its efforts were focused on securing funding during the period to support the planned resumption of processing at increased volumes, and additional bulk sampling over the greater areas of the project aimed at further growth for the long term.
It only realised C$11,745 ($8,672) from interest and other income from C$13,218 in the same period last year.
Diamcor said it also narrowed its net loss before tax to C$1 million ($738,494) for the interim period from the previous year’s C$1.2 million ($886,192).
The decrease in loss was the result of reductions to processing volumes and operations as a result of the ongoing industry inventory rebalancing efforts during the period.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
