Recently, Diamcor Mining Inc reported for the interim period ended December 31, 2023 & Q3 FY 2023. The Company’s focus during the period continued to be the management of costs, the advancement of funding efforts to allow for the continuation of trial mining and the planned advancement of bulk sampling to determine the extent and location of the known displacement from the higher grounds of Venetia onto the greater potions of the Company’s Krone-Endora at Venetia project.
The above focus was required in the short-term as a result of the negative effects of inconsistent power supply during the first half of 2023 in South Africa, a rebalancing of the rough diamond supply chain throughout the second half of 2023, and the decision by India to temporarily stop importing rough diamonds for a majority of the period in an effort to strengthen the industry in 2024 and moving forward.
As a result of the industry’s short-term efforts to rebalance inventory levels and the cancellation of a majority of the planned rough diamond tenders during the period, the Company’s efforts largely shifted to efforts to secure suitable funding to support the long-term growth of the Project, and no rough diamonds were tendered or sold during the period ended December 31, 2023.
In total, ongoing trial mining exercises at the Project from inception thru December 31, 2023, have resulted in the incidental recovery, tender, and sale of 201,461.57 carats of rough diamonds generating revenue at the Project of (USD) $38,736,712.34, resulting in an average price of (USD) $192.52 per carat.
A net loss of $1,051,229 was recorded for the interim period ended December 31, 2023 ($386,619 – December 31, 2022), resulting in a $0.01 per share loss for the interim period ended December 31, 2023 (Nil – December 31, 2022).
