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Diamcor Sees Total Tender Volume Almost Doubling in Third Quarter

Dec 7, 2015 12:22 PM   By Rapaport News
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RAPAPORT... Diamcor Mining reported its total tender of rough recovered from its Venetia project in South Africa will almost double in the third fiscal quarter compared with the second quarter.

The company plans to tender about 9,480 carats in the three-month period ending December 31, compared with 4,845.93 carats it put up for bids and sold in the second fiscal quarter, it said in a statement December 2.

Diamcor has sold 6,859 carats from Venetia in the first two tenders at an average price of $118.59 per carat, and about 2,625 carats have been prepared for another bid this month. Any more stones found before the end of December will be recorded at the end of the fiscal quarter as rough inventory and likely put up for sale by the end of March.

Meanwhile, Diamcor is waiting for an approval from South Africa’s Department of Water Affairs to add more water boreholes, the statement said. That will increase processing volume and optimize the screening and treatment plants.

In addition to the ongoing processing of materials in the +1.0mm to -26mm size fractions completed to date, the company expects the processing of the previously stockpiled materials in the +26.0mm will commence in the coming weeks, allowing it to handle bigger-size materials.
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