Diamcor Looks Forward to "Year of Opportunity"
January 14, 24
(IDEX Online) - Canadian miner Diamcor says 2024 is a "year of opportunity" after two loss-making years at its Krone-Endora at Venetia project, in South Africa.
It suffered net losses of $762,000 in 2023 as it battled power supply issues and $2.4m in 2022, but said in a statement that it had navigated its way through the complex global and industry issues of recent years.
Diamcor acquired Krone-Endora from De Beers in February 2011. It is next to Venetia, the biggest diamond in South Africa and the third biggest in the world, which is owned and operated by De Beers.
"We are well-positioned in 2024 to now take advantage of the compelling opportunity that companies such as Diamcor have with the ability to provide gem quality natural rough diamonds from non-conflict areas moving forward," it said in a statement.
"The project has always presented a compelling opportunity given its direct relationship with De Beers' Venetia diamond mine, which is widely accepted as one of the most prolific diamond mines in the world."
It will focus on operational efficiencies, additions to its processing plant and final recovery systems and advancing its bulk sampling project in key areas of interest.