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DiamondCorp Cuts Loss at Lace Mine
Sep 13, 2016 8:24 AM
By Rapaport News
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RAPAPORT... DiamondCorp’s pre-tax loss narrowed in the first half,
but the company cautioned sales may lag in the coming months because of
operational issues at its Lace mine in South Africa.
The loss decreased to $328,000 (GBP 247,221) from $4.2
million a year earlier, driven by favorable foreign-exchange
rates. Operating loss, however, widened 33 percent to $1.2 million,
according to a statement.
The company is preparing to hold its first sale in
Antwerp on September 17, but pointed out it will offer fewer diamonds than
expected as production at the Lace mine was disrupted for 9 days in August because
of flooding.
DiamondCorp will put up 5,700 carats of stones at the
auction rather than the 7,000 carats previously planned. It currently holds
7,003 carats in inventory and while its September and October sales are
projected to be smaller, the company expects to increase its monthly sales to
the planned budget of 9,000 carats by December.
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Tags:
DiamondCorp, mining, Rapaport News, Rough Production, South Africa
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