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Shear Lowers Rough Price Expectations for First Jericho Sale
Jun 10, 2012 5:23 AM
By Deena Taylor
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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.
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Tags:
Deena Taylor, shear, Tache Company
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