Power Outages Hit Diamcor's Sales
April 09, 23
(IDEX Online) - Diamcor announced a 60 per cent drop in carats sold during its fourth fiscal quarter, as it battled ongoing power supply issues at the Krone-Endora at Venetia Project in South Africa.
Total revenue was also down, from $2,054,248 in Q3 to $1,579,728 in Q4, although the price per carat rose steeply from $246 to $477.
The Canadian junior miner said it sold 3,310 carats in Q4, including two specials weighing 72.5 carats and 45.15 carats, which nudged up both its revenue and its price per carat. In Q3 it sold 8,327 carats.
The company said it was in the process of installing a battery energy storage system to reduce or eliminate, the impact of any potential future power supply issues from Eskom, South Africa's national power supplier.
Dean Taylor, Diamcor's CEO, said: "We will continue to manage the current operational limitations in the short-term while advancing additional objectives aimed at planned growth into the greater surrounding areas of the project, and expedite the finalization of the power system to allow us to resume our primary goal of increasing processing volumes at the project."
File pic of Diamcor rough