Diamcor Sales Rise, Loss Drops in 3Q

RAPAPORT… Diamcor saw a significant sales jump in the third fiscal quarter as
production increased at its mine in South Africa.



Revenue surged 76% to $1.4 million in the three months
ending December 31 2018, compared to $864,546 in the same period in 2017, the miner
reported Friday. The company recorded a net loss of CAD 861,883 ($648,222) — down from a deficit of CAD 1.1 million ($825,364) a year earlier — after lowering the cost of its operating activities.


Those improvements came despite a 2.5% drop in the average selling price for rough from Diamcor’s
Krone-Endora at Venetia mine. The diamonds sold for an average of $194 per carat, versus $199 per carat
the year before.


Revenue for the first nine months of the year fell 40% to
CAD 3.1 million ($2.3 million), while the net loss for that period remained flat.


Image: Rough diamonds. (Diamcor Mining)