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Diamcor Losses Deepen Amid Virus Restrictions

Sep 1, 2021 8:44 AM   By Rapaport News
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Losses widened at diamond miner Diamcor during the first fiscal quarter as operations remained limited during South Africa’s Covid-19 outbreak.

The company incurred a net loss of CAD 844,899 ($670,737) in the three months ending June 30, compared with a loss of CAD 744,487 ($591,073) a year earlier, it reported Monday. This reflected an increase in costs, which outweighed a rise in revenues.

While the South African government eased some of the virus restrictions for the period, Diamcor continued to focus on keeping costs low “given the uncertain circumstances associated with Covid-19,” it said.

Sales recovered to CAD 1.5 million ($1.2 million), compared with zero a year earlier, when the pandemic forced its mine — Krone-Endora at Venetia — to shut. Partial operations were able to resume in October 2020, albeit with precautions in place, such as reduced staff numbers.

Image: Rough diamonds. (Diamcor)
Tags: COVID-19, diamcor, krone-endora, Krone-Endora at Venetia, mining, Rapaport News, South Africa
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