|
|
DiamondCorp Reports $1M Sales in 2014
Delays Lace Underground Production Launch
Feb 1, 2015 6:05 AM
By Avi Krawitz
|
|
|
RAPAPORT... DiamondCorp reported that it sold 21,700 carats of diamonds for $1.36 million in 2014. The average price of $63 per carat was slightly ahead of the company's forecast. The company noted that short-term demand for rough diamonds continues to be soft due to slower polished sales and tightening liquidity as a number of banks that finance the cutting and polishing sector have reduced their exposure to the sector.
DiamondCorp owns 74 percent of the Lace mine in South Africa. Commercial production from underground mining at Lace has been delayed due to six week industrial action by members of the Association of Mineworkers and Construction Union (AMCU) in October and November. Production is due to begin in the second half of 2015, rather than its previously scheduled launch in the first half.
During the year, DiamondCorp processed 308,047 tonnes of tailings and recovered 18,534 carats of diamonds at Lace. The tailings achieved an average recovered grade of 5.96 carats per hundred tonnes (cpht), compared with a budget recovered grade of 5 cpht.
Tailings re-treatment stopped in September due to construction of a dam to capture water required for underground kimberlite mining. The timing of the re-commencement of tailings retreatment this year will be determined by the dam building schedule, the company stated.
|
|
|
|
|
|
|
|
|
|
Tags:
Avi Krawitz, DiamondCorp, diamonds, Lace Mine, Rapaport
|
|
|
|
|
|
|
|
|
|
|
|
|