upcoming mining journal research

Add new layer of intelligence to your investment decisions Publication of the Mining Journal World Risk Report (feat.MineHutte ratings) is the culmination...

EYEBROW

29 September 2017
Test edition
Test edition

Summary of this Test edition

EYEBROW

26 September 2017

upcoming mining journal jobs

Rio bolsters Mongolia ties

New office announcement comes a week after new tax demand

Atalaya ends first full year quietly

Miner shows flexibility of plant by upping throughput to deal with lower-than-expected grades

Mining in Zimbabwe: new grounds for optimism?

Political solutions still required to overcome high investment hurdles

Better December quarter for Lonmin

Volumes up year-on-year but below analysts' forecasts

upcoming mining journal events

SEG 2017 Conference, Ore Deposits of Asia: China and Beyond

Detailed Event Info: The Organizing Committee is pleased to invite you to the SEG 2017 Conference, Ore Deposits of Asia:...

Commodities > Precious-stones

Water recovery issues hamper diamond sales

Water recovery issues and a shorter timeframe between tenders resulted in lower proceeds but Diamcor Mining (CN:DMI) received a higher average price per carat at its latest rough diamond tender.

Staff reporter

Commodities > Precious-stones

Water recovery issues hamper diamond sales

Water recovery issues and a shorter timeframe between tenders resulted in lower proceeds but Diamcor Mining (CN:DMI) received a higher average price per carat at its latest rough diamond tender.

Staff reporter

Water recovery issues hamper diamond sales

Rough diamonds from Krone-Endora

The Canadian-based company said it had sold 4,353.91 carats of rough diamonds, which were recovered before November 9 from its Krone-Endora at Venetia project in South Africa, for gross proceeds of US$864,546, an average $198.57/ct.

This compares with 7,771.13 carats sold for $1.3 million in the September quarter at an average price of $171.70/ct.

The company said the higher average price was partly due to the quality of the 25.02 carat rough diamond sold, one of three individual rough diamonds tendered in the specials (+10.8ct) category.

"Insufficient recoveries of water from the project's settling dams continues to be the key factor limiting the company's ability to operate the project's plants at their designed capacities, and the company remains confident that the previously announced installation of a paste thickening plant will correct this issue once installed," Diamcor said.

It said the recovery of all rough diamonds to date were incidental to the ongoing commissioning process.

Diamcor acquired the Krone-Endora project from De Beers in 2011 and established a strategic alliance with Tiffany & Co Canada the same year, providing first right of refusal to the luxury retailer in exchange for financing.

Diamcor generated US$4.47 million revenue from the sale of 32,627.97 carats of rough diamonds at an average price of $136.89/ct in the year to March 31.

Shares in the company, which are down about 60% for the year, rose 5.6% yesterday to C47c.

topics

loader