RAPAPORT… Losses widened at diamond miner Diamcor during the first fiscal quarter as operations remained limited during South Africa’s Covid-19 outbreak.
The company incurred a net loss of CAD 844,899 ($670,737) in the three months ending June 30, compared with a loss of CAD 744,487 ($591,073) a year earlier, it reported Monday. This reflected an increase in costs, which outweighed a rise in revenues.
While the South African government eased some of the virus restrictions for the period, Diamcor continued to focus on keeping costs low “given the uncertain circumstances associated with Covid-19,” it said.
Sales recovered to CAD 1.5 million ($1.2 million), compared with zero a year earlier, when the pandemic forced its mine — Krone-Endora at Venetia — to shut. Partial operations were able to resume in October 2020, albeit with precautions in place, such as reduced staff numbers.
Image: Rough diamonds. (Diamcor)
Diamcor Losses Deepen Amid Virus Restrictions
The Bottom Line
- Diamcor reported a net loss of CAD 844,899 ($670,737) for the quarter ending June 30, up from CAD 744,487 ($591,073) the previous year.
- Revenue increased to CAD 1.5 million ($1.2 million) from zero a year earlier due to partial resumption of mining operations.
- The company maintained cost-cutting measures amid uncertain Covid-19 conditions despite eased government restrictions.
More Stories
Emerald Prices Improve at Gemfields Auction
Miner sells 100% of its 3 million carats of commercial-quality goods for $29.6 million.
Sarine Opens New Lab in Mumbai
Company also has facilities in New York and Surat.
Star Diamond Names New CEO
Jean Raymond Boulle II will succeed Lester Kemp, who served as interim chief.
