Almas Resources: Emerging Diamond Producer

SA junior miner garners $2.1M from Q2 rough diamond sales

October 26, 2022

BY: Mathew Nyaungwa

“Diamcor Mining sold 3,776.33 carats of rough diamonds for the interim period ended September 30, 2022, generating revenue of about $2,1 million, resulting in an average price of $556.08 per carat.

It registered a net income of just above $1 million for the fiscal second quarter as compared to a net loss of $918,953 in the previous interim period ended June 30, 2022.

Diamcor said its focus during the period continued to be on managing costs and remaining supply chain delays, the optimization of operational hours to minimize the effects of national load-shedding in South Africa by the state-run national power supplier Eskom, and continued refinements to processing plants and equipment aimed at sustaining increased processing volumes for the long-term,” said Diamcor's chief executive Dean Taylor.

“We are very pleased with the continued quarterly growth achieved again for the period ending September 30, 2022, and remain optimistic given the recent announcement of the delivery of 5,833 carats for the first tender and sale of this quarter.”

The miner acquired the Krone-Endora at Venetia project from De Beers Consolidated Mines in 2011, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to the Venetia Diamond Mine in South Africa.

Diamcor was later granted a Mining Right for the Krone-Endora at Venetia Project, encompassing 657.71 hectares of the project’s total area of 5,888 hectares.”

SOURCE: Rough&Polished

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