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Diamcor Earnings Fall Deeper Into the Red

Jul 26, 2016 9:11 AM   By Rapaport News
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RAPAPORT... Diamcor Mining widened its loss in fiscal 2016 as higher operating expenses at its flagship mining project in South Africa outweighed a surge in revenue.

Total comprehensive loss soared 80 percent to $4.3 million (CAD 5.6 million) in the 12 months that ended March 31. Sales jumped 52 percent to $3.5 million (CAD 4.7 million) as plant efficiencies and processing volumes improved, the miner said. The average price per carat fell because the company recovered two large diamonds in its previous fiscal year and due to an overall weakening of rough prices.

Operating expenses catapulted 53 percent to $3.7 million because of an increase in operating activities as the company advances its Krone-Endora at Venetia project in South Africa’s Limpopo province.
Tags: diamcor, Diamcor Mining, Krone-Endora at Venetia, Limpopo province, mining, Rapaport News, South Africa
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