Diamcor sells 2,925.66 carats of diamonds from South Africa
Diamcor Mining Inc. [DMI-TSXV; DMIFF-OTCQB; DC3A-FSE] reported that an additional 2,925.66 carats of rough diamonds have been recovered, delivered, tendered, and sold from the processing of quarry material at the 70%-owned Krone-Endora at Venetia Project in Limpopo, South Africa, representing an increase of approximately 175.66 carats compared to the approximately 2,750 carats the company anticipated it would deliver, tender and sell as announced on November 18, 2021.
This brings the total rough diamonds delivered, tendered, and sold for the current quarter to 5,442.57 carats, an increase of 25% over the previous quarter sales. The sale of the 5,442.57 carats generated gross revenues of US$1,074,780.69, which resulted in a combined average price of US$197.48 per carat for the period. Additional rough diamonds already recovered but not yet delivered, as well as any further rough diamonds recovered from the Project during the balance of the quarter to December 31, 2021, will be held as stock on hand to be delivered and tendered in the coming quarter.
Diamcor is pleased with the continued progress on targeted increases in processing volumes from the phase one facility upgrades which were completed ahead of schedule as announced on September 8, 2021. These upgrades continue to demonstrate the ability to achieve the desired goal to increase historical processing volumes by 100%. The company also continues to advance its efforts on the planning and deployment of a larger second phase of upgrades to its processing facilities, which remain on schedule for completion in H1 2022. These additional upgrades are designed to support further targeted processing volume increases beyond the targeted 100% increase in historical processing volumes associated with the now completed phase one upgrades.
“We are pleased with the increase in the total rough diamonds tendered and sold in the current quarter, and our focus remains on optimizing processing volumes and recoveries based on the phase one upgrades for the balance of December and the upcoming quarter,” stated Dean Taylor, CEO. “The sales achieved in the current quarter are effected by the variability in time frames between the delivery of rough diamonds and their eventual tender and sale, however we continue to believe the positive impact of these upgrades will continue to be demonstrated in the coming quarters.”
Diamcor has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of New York-based Tiffany & Co. to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE [LVMH-Paris; LVMHF-OTC].