Diamcor Mining garnered $2.1 million from tenders in the third fiscal quarter amid higher sales volume and a rise in the number of large stones it offered.
The company sold 8,328 carats of rough from its Krone-Endora at Venetia deposit in South Africa for the three months ending December 31, at an average price of $247 per carat, it said earlier this month. The total represents a 121% increase from the volume of goods sold during the previous quarter, the company noted.
In the last tender of the year, Diamcor brought in $629,284 from the sale of 2,809 carats of rough, at an average price of $224 per carat.
The two tenders held over the period included several gem-quality rough diamonds weighing more than 10.8 carats. The largest of those was a 43.55-carat stone, the miner noted.
During the quarter, Diamcor also recovered an additional 1,025 carats, which it has not yet put up for tender. The company will offer them in the first tender of the fourth fiscal quarter, along with any other rough produced prior to December 31, it said.
“This increase in the total carats tendered and sold during this quarter demonstrates the company’s ability to generate significant revenues without the added benefit of any significant larger, high-value rough diamonds and the positive impact that achieving both of these scenarios could have for our company moving forward,” said Diamcor CEO Dean Taylor. “Our efforts remain focused on continuing to increase processing volumes and the recovery of larger, high-valued rough diamonds.”
Image: Rough diamonds. (Diamcor Mining)