(IDEX Online) - Diamcor Mining Inc. sold 13,218 carats of rough in the its third fiscal quarter ended December 31, 2019. Gross revenue for the period totaled $1,412,117 or $106.83 per carat.
The lower dollar per carat achieved during the period was due to the significantly higher percentage of smaller, lower quality rough diamonds recovered as part of the tailings-retreatment exercises at the Company's Krone-Endora at Venetia Project.
Even so, the mining company said the results represent a significant increase in the second quarter of the year when it sold 3,759.62 carats, generating gross revenues of $560,059.
Some of the increase came from the increased level of rough diamond inventory held as stock and the timing of a rough tender completed early in October 2019.
As of December 31, 2019, Diamcor had delivered ~1,500 additional carats of rough diamonds which will be tendered and sold in the current fiscal quarter ending March 31.
Diamcor once the tailings retreatment exercises are completed, in conjunction with the planned delivery of a new, larger heavy equipment fleet, operations and the recovery of material from the Project's quarry will resume at increased levels, and the average dollar per carat achieved is expected to return to historically higher levels.