Diamcor Back in the Black Amid Large-Stone Sales

Diamcor Mining saw profit rebound during the second fiscal quarter as the company sold a greater number of larger, higher-value rough diamonds.

The company posted earnings of $1 million in the three months ending September 30, compared to a loss of $918,953 in the previous quarter, it said last week. The miner operates the Krone-Endora at Venetia deposit in South Africa.

Revenue for the period nearly quadrupled quarter on quarter to $2.1 million. Sales volume grew 23% to 3,776 carats, while the average price skyrocketed to $556 per carat from $182 per carat in the first quarter.

The rise in revenue and the average price reflects the sale of a 59.35 carat, gem-quality rough and other large stones, the company explained. Diamcor also continued to refine its plants and equipment to maintain increased ore-processing volumes and optimized its operational hours to minimize the effects of national power outages.

“We are very pleased with the continued quarterly growth…and remain optimistic given the…delivery of 5,833 carats for the first tender and sale of [the third fiscal quarter],” added Diamcor CEO Dean Taylor.

Image: Rough diamonds in parcels. (Diamcor Mining)