Diamcor Increases Diamond Processing Capacity, Rough Diamond Prices Fall

Mining and Exploration
20/01/2017 16:38

Diamcor Mining has completed the installation of additional operational equipment and expansions underway at its Krone-Endora Mine at Venetia project in Limpopo, South Africa. The junior diamond project developer confirmed that all the work is now complete and all the items are now operational. The additional equipment and expansions are aimed at supporting processing volume increases, allowing Diamcor Mining to incorporate the crushing and processing of material up to 45 mm; establish a dedicated large diamond recovery circuit; and increase the capacity of the project’s final recovery and sorting facilities.

Diamcor further announced that in the quarter ended 31 December 2016, it sold 4,093.01 carats of rough diamonds for $558,758.55 through the November tender, resulting in an average price of USD $136.51 per carat. It sold 5,342.40 carats for $624,925.95 in the December tenders, resulting in an average price of USD $116.97 per carat. As a result, the company sold a total of 9,435.41 carats for $1,183 684.50, resulting in an average price of USD $125.45 per carat.  The price per carat realized during the tenders and sales completed during the period continued to reflect price weaknesses in certain categories of rough diamonds, with additional weaknesses experienced in the prices of smaller goods in December due to widely reported currency issues in India during the period.