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Large Stones Support Diamcor Average Price

Aug 2, 2020 10:44 AM   By Rapaport News
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RAPAPORT... Diamcor’s average selling price rose to just under $112 per carat at its latest rough tender as demand shifted to higher-value goods, the miner reported last week.

The company garnered $271,263 from the sale of 2,427 carats it produced at its Krone-Endora at Venetia mine in South Africa, which has been on care and maintenance since March. The price was 4.7% higher than the $107 per carat Diamcor achieved for the quarter that ended December 31 — the last time the company reported sales data.

“The higher dollar [price] per carat was primarily associated with a higher percentage of larger, higher-quality rough diamonds [that] were recovered just prior to the required shutdown of operations at the project,” said Diamcor CEO Dean Taylor.

With production still on hold, the company continues to reduce or defer costs, including managers’ and directors’ pay. It’s also working with its corporate bank and the South African government to obtain relief funds during the pandemic to help it return to operations when possible.

Diamcor, which lists its shares on the Toronto Stock Exchange, has also taken advantage of a rule allowing it an extra 45 days to file its annual financial statements, which had been due on July 29.

Image: Rough diamonds. (Diamcor)
Tags: Dean Taylor, diamcor, Krone-Endora at Venetia, Rapaport News, Toronto Stock Exchange
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