Tahera Registers Q1 Loss
May 06, 07
Tahera Diamond Corporation recorded a net loss of C$14.7 million (8 cents per share) for the first quarter of 2007.
“Continuing negative cash flows being experienced at the Jericho Diamond Mine operations, combined with the requirement to fund winter road inventory purchases, led to the completion of a C$22.5 million financing on April 17, 2007,” Tahera said. Value of production at the mine reached $C7.3 million ($6.4 million).
The mine produced 74,500 carats during the quarter.
Its 2007 exploration programs are budgeted at C$8 million and will be funded through existing flow-through funds, according to the first quarter report.
Toronto-based Tahera said its revenues for the period totaled C$10.5 million, with an operating loss of C$15.7 million.
The company said its expenses were “significant” for the period due to the “mobilization” of fuel, explosives, and other supplies on the winter ice road to its
According to Tahera, its 2007 winter road was open for approximately 10 weeks, allowing fully mobilization of all desired supplies, equipment, and spares for the upcoming year.
The company also reported that Grant Ewing, Executive Vice President, Corporate Development and Daniel Johnson, Executive Vice President, Operations will be leaving the company during the second quarter.