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Diamcor Hurt by Weak Rough Prices

Mar 2, 2017 5:52 AM   By Rapaport News
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Diamcor Mining’s sales declined 8 percent in the fiscal third quarter, the company said Wednesday, citing sluggish rough-diamond prices.

Revenue fell to $1.2 million (CAD 1.6 million) from the sale of 9,435 carats in the three months that ended December 31, the Canada-based diamond miner reported. The average selling price dropped to $125 per carat from $127 per carat a year earlier.

Prices achieved by the company during the period are “believed to be attributable to an overall weakness in the price of rough diamonds which continued throughout 2016, as compared to the prior years,” the company explained.

The company’s loss widened to $814,695 (CAD 1.1 million) from $296,807 (CAD 396,519) a year before.

During the nine months that ended December 31, sales jumped 72 percent to $4.1 million (CAD 5.5 million).

Diamcor sources its rough from the Krone-Endora at Venetia mine in South Africa.
Tags: Canada, diamcor, Diamcor Mining, Krone-Endora at Venetia, mining, Rapaport News, rough prices, South Africa
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