News

Advanced Search

Shear Lowers Rough Price Expectations for First Jericho Sale

Jun 10, 2012 5:23 AM   By Deena Taylor
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Shear Diamonds delivered 11,318 carats from its Jericho mine to its diamond marketing partner, Taché Company, to sell on the open market.  Taché made an initial payment of $500,000 for the first parcel but recent significant declines in world rough diamond prices have resulted in a reduced expected price for the parcel, according to Shear. 

While the company temporarily suspended processing at the mine for two days and reduced processing for an additional two days to address clean-up requirements for wind dispersed fine processed kimberlite as a result of spring permafrost thawing, processing has now fully resumed at a slower rate to fully maximize the processing yield.

The company also noted that the recent drop in world diamond market prices will not generate sufficient cash flow to support operations.

 Shear must obtain financing in the very near term to fund continuing operations and to increase production by going to around the clock processing, according to the company.
Tags: Deena Taylor, shear, Tache Company
Similar Articles
Lucapa Plus 50ctLulo Yields Seven Diamonds Over 50ct.
Aug 17, 2017
Lucapa Diamond Company has recovered seven stones exceeding 50 carats at its Lulo mine in Angola, including...
Renard MineStornoway Sees Rise in Renard Prices
Aug 15, 2017
Stornoway Diamond Corporation earned revenues of $33.4 million (CAD 42.6 million) in the second quarter, reporting...
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2017 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.