Diamcor’s Revenue Rises to US$4.46 Million in FY17

Diamcor Mining Inc. has announced the results of its fiscal year ended March 31, 2017 and an operational update for the year at the company’s Krone-Endora at Venetia Project in South Africa.

The company reported earnings revenue of US$4.46 million from the sale of 32,627.97 ct of rough diamonds at an average price of US$ 136.89/ct. This compared with revenue of US$ 3.36 million earned in the prior financial year from the sale of 24,068.01 ct of diamonds at an average price of US$ 139.74/ct.

“The average price per carat was in line with company expectations, given that the material being processed as part of the ongoing development exercises was largely limited to lower-grade material in the 1 mm to 15 mm size fractions,” Diamcor said in a statement.

Meanwhile, Diamcor’s operating expenses has increased in this period. The company has realised operating expenses of US$ 4.79 million, an increase when compared to operating expenses of US$ 3.67 million recognised during the same period in the prior fiscal year ended March 31, 2016.

‘During the fiscal year ended March 31, 2017 the company continued to focus its efforts on the advancement of requirements necessary to support the stated objectives associated with advancing the Krone-Endora at Venetia Project and to aid the company in its determination of initial production decisions for the Project.

Diamcor has also updated on the recovery of 5.36 carat gem quality green octahedron diamond on May 30, 2017. ‘The company noted that in certain instances, radiation may cause the outer surface of rough diamonds to present with a green colour, which was thought to be the case with two very small, lower quality diamonds previously recovered from the ongoing testing and commissioning exercises at the Project.

‘The company believed neither of these smaller, lower quality rough diamonds warranted additional consideration at the time, but due to the larger size, quality, and shape of the 5.36 carat rough diamond, additional analysis was believed to be warranted and undertaken,’ the report stated.

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