Diamcor Records Improved Rough Sales but Lower Prices

(IDEX Online) - Junior miner Diamcor Mining Inc. has reported an improvement in the total number of rough diamonds it has tendered, sold and delivered. The miner has sold 3,759.62 carats this quarter, with another 4,825 to be tendered in Antwerp in the coming weeks. Sales during the quarter total $569,000, yielding a lower-than-average price of $151 per carat.

Diamcor said  current price weaknesses for certain categories of goods contributed to the lower dollar per carat average achieved. In addition, the miner said the drop in price resulted from the processing of historical tailings and stockpiled material at its Krone-Endora at Venetia Project as part of its analysis at Venetia. This analysis is expected to contribute to new standard operating practices to enhance operating procedures.

As well an expected increase in the percentage of smaller diamonds recovered during the current exercises, Diamcor also recovered larger gem-quality rough diamonds in the +2-10-carat range, along with a gem-quality rough diamond weighing 20.66 carats, which has already been sold, and a 28.45-carat gem quality rough diamond, which will be offered in the next tender.  

Diamcor said the recovery of these sizes of rough diamonds confirms some of the inherent issues with previous processing operations, and the potential for improved results in the future.