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Diamcor Sells Almost $1M of Krone-Endora Rough

Jun 6, 2016 3:15 AM   By Rapaport News
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RAPAPORT... Diamcor Mining sold $951,632 of rough diamonds from its mine in the Limpopo province of South Africa at an average price of $121.67 per carat.

The company completed three tenders so far in its first fiscal quarter ending June 30, selling a cumulative 7,821 carats of rough from the Krone-Endora at Venetia project. In the first sale in April, the miner sold 3,032 carats for $386,993 at an average price of $127.64 per carat. In the second tender in May, it fetched $564,639 for 4,789 carats, with an average price of $117.90 per carat.

The average prices “were consistent with the company’s expectations for the goods being offered, and reflect the continued price weaknesses in certain categories of rough diamonds,” Diamcor said.

A further 646.56 carats of rough that included 148.29 carats of “higher-quality” goods were withdrawn from the tender in May and will now be included in the sale scheduled for June. That tender will also feature an additional 4,969 carats of rough, meaning a total of 5,615 carats will be put on offer.

A total of 13,436 carats of rough is scheduled to be delivered to tender this quarter. This represents a surge of about 470 percent over the same period last year, the miner added.
Tags: diamcor, Diamcor Mining, krone-endora, Krone-Endora at Venetia, Limpopo, mining, Rapaport News, South Africa
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