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DiamondCorp's 9M Revenue Totals $1M

Oct 30, 2014 6:17 AM   By Deena Taylor
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RAPAPORT... DiamondCorp reported that revenue for the nine months that ended on September 30 totaled $1.07 million. The company sold 16,505 carats of diamonds for an average price of $65 per carat, representing a 5 percent improvement from the company's forecast.

A 15.20-carat diamond that was recovered from tailings in July was sold into the company's Johannesburg beneficiation joint venture at $5,000 per carat. The diamond yielded two brilliant-cut diamonds of 5.33 carats and 2.07 carats, which are currently up for sale.  DiamondCorp will receive 50 percent of the profit from the sale of the two polished gems.

DiamondCorp noted that short-term demand for rough diamonds has softened in response to slower polished sales and tightening liquidity as a number of banks that  finance the cutting and polishing sector have moved to reduce their exposure to the sector. The company maintains a strong outlook in the long-term, as world economies continue to recover.

Meanwhile, the company reported that development work at the upper K4 mining block of the Lace diamond mine in South Africa is on track to begin underground mining operations in the first half of 2015 -- ahead of schedule -- despite continuing industrial action ongoing at the mine .

Members of the Association of Mineworkers and Construction Union (AMCU) began striking at the mine on October 23 as a result of management's refusal to employ two full-time salaried shop stewards.

The strike action has highlighted inefficiencies in work place practices, which will be investigated and addressed when the striking workers return, the company stated.  DiamondCorp estimated that for every two weeks that the strike continues, one week will be added to the development timetable.
Tags: AMCU, Deena Taylor, DiamondCorp, diamonds, Lace Mine
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