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BRC DiamondCore Suspends Operations Due to Weak Pricing

Dec 4, 2008 5:10 AM   By Avi Krawitz
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RAPAPORT... BRC DiamondCore Ltd. has suspended bulk sampling at its projects in South Africa’s Northern Cape due to the recent fall in rough diamond prices. Mike de Wit, BRC DiamondCore's president, said that the company expects rough prices to recover in 2009, but added that, in the short term, there is a need to “conserve cash in light of current market conditions.” A stronger dollar exchange rate against the rand, said De Wit, as well as lower energy costs, could position the company more favorably next year.

Operations at BRC DiamondCore's Paardebergt East kimberlite and De Kalk alluvial projects are expected to resume as diamond prices recover, the company said. All facilities and equipment at its flagship Silverstreams alluvial project will be maintained and will receive appropriate refurbishment in anticipation of a resumption of bulk sampling in early January 2009. The company also said that it intends to minimize any negative impact that the project suspensions will have on its workforce.




NC
Tags: South Africa
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