RAPAPORT... Diamcor Mining reported that its revenue plunged 37 percent year on year to $708,918 (CAD 886,343) during its third fiscal quarter that ended December 31, 2014. The company explained that the year-on-year decline in revenue was caused by the sale of a 91.70-carat diamond for $817,920 in the third quarter a year ago.
Diamcor, which operates the Krone-Endora at Venetia project, said that the amount of rough diamonds sold dropped 10 percent to 3,579 carats at an average price of $222 per carat. The company noted that it recovered an additional 1,678.18 carats that were held in inventory at the end of the quarter. Diamcor estimated the value of its rough diamond inventory to be $281,712 (CAD 352,094), as of December 31.
The company reported a net loss of $515,070 (CAD 643,753) for the quarter, compared with net income of $97,546 a year ago.
During the quarter, Diamcor closed a $2.5 million (CAD 3.1 million) brokered and non-brokered private share placement to raise funds for its planned expansion of its Krone-Endora at Venetia project. Additional financial support was provided by Tiffany & Co. Canada's agreement to extend its loan and convertible debenture financing terms to the company and defer repayment by one year, effective December 1.
|
|
|
|
|