|
RAPAPORT... DiamondCorp reported that its loss rose 25 percent year on year to $4.6 million (GBP 2.75 million) for the six months that ended on June 30. The loss included a fair value adjustment of $2.6 million (GBP 1.59 million) on the derivative component of convertible bonds. Cash on hand at the end of the period was almost $12.2 million (GBP 7.32 million). Capital expenses on the Lace diamond project totaled $7.1 million (GBP 4.3 million), which included underground development and infrastructure. The Lace processing plant operated on tailings during the first half, resulting in the additional recovery of 13,055 carats. The company sold 14,583 carats for proceeds of $907,308. The most valuable diamond sold was a 5.60-carat rough stone that sold for $3,250 per carat. DiamondCorp's CEO, Paul Loudon, said, "The period under review saw us move closer to our goal of commencing long-life underground kimberlite mining at the Lace mine. Our constant attention to mining and development costs and emphasis on diamonds recovered rather than tonnes throughput, positions us well to generate outstanding returns for our shareholders when mining commences from the UK4 block in the first half of 2015."
|