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Diamcor Hurt by Weak Rough Prices
Mar 2, 2017 5:52 AM
By Rapaport News
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RAPAPORT... Diamcor Mining’s sales declined 8 percent in the fiscal
third quarter, the company said Wednesday, citing sluggish rough-diamond
prices.
Revenue fell to $1.2 million (CAD 1.6 million) from the sale
of 9,435 carats in the three months that ended December 31, the Canada-based
diamond miner reported. The average selling price dropped to $125 per carat
from $127 per carat a year earlier.
Prices achieved by the company during the period are
“believed to be attributable to an overall weakness in the price of rough
diamonds which continued throughout 2016, as compared to the prior years,” the
company explained.
The company’s loss widened to $814,695 (CAD 1.1 million)
from $296,807 (CAD 396,519) a year before.
During the nine months that ended December 31, sales jumped
72 percent to $4.1 million (CAD 5.5 million).
Diamcor sources its rough from the Krone-Endora at Venetia
mine in South Africa.
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Tags:
Canada, diamcor, Diamcor Mining, Krone-Endora at Venetia, mining, Rapaport News, rough prices, South Africa
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