Star Diamond reports $1.5m Loss Ahead of Care and Maintenance
August 17, 22
(IDEX Online) - Canadian miner Star Diamond has announced a first-half net loss, up to 30 June, of $1.5m, down from $3.1m for the same period in 2021.
It blamed ongoing operating costs and the fact that exploration and evaluation expenditures had exceeded interest and other income earned.
Star Diamonds joint venture partner Rio Tinto Canada, which holds a 75 per cent stake in the Fort à la Corne mineral properties which they operate together in Saskatchewan, said last month that it was reviewing its options and warned it could pull out of the project completely.
The Star-Orion South mine (pictured), part of Fort à la Corne, is due to be put on care and maintenance from the end of this year.
The two companies have been tangled in legal rows over alleged overspending on exploration costs and damage to diamonds at Star-Orion South.