Diamcor Increases Sales Despite Power Outages
August 09, 23
(IDEX Online) - Diamcor has reported an increase in rough sales and per-carat prices after battling power supply issues at the Krone-Endora at Venetia project, in South Africa.
The Canadian miner said revenue in the year to 31 March was up 37 per cent to $6.29m and average price per carat increased 39 per cent to $340.
Diamcor, which acquired the deposit from De Beers in February 2011, has been installing a battery energy storage system to cope with loadshedding by Eskom, South Africa's national power supplier.
Net loss for the year was down from $2.4m to $762,000, Diamcor said, long term debt was reduced, and operating expenses were down 18 per cent.
"We are pleased to be able to announce these improved results in virtually every metric over the previous year given the significant challenges with consistent power supply we had to endure during the latter half of the fiscal year," said CEO Dean H. Taylor.
He said the company would now focus on drilling and bulk sampling to increase processing volumes and operational consistency.
Pic of the Krone-Endora at Venetia project, courtesy Diamcor.