Newfield Resources Limited announces its activities for the quarter ended 30 June 2023. Processing of the run of mine (diluted) ore continued via the 5tph plant with diamond recovery performed by Flowsort technology. A total of 1,694 tonnes were processed via the plant (diluted tonnes), which yielded 1,781 carats at a +1.2mm bottom cut-off. A fully diluted and recovered grade of 1.05 carats per ton (105 carats per hundred tonnes) is calculated. The quality of diamonds recovered remains high, with an estimated 80% being of good gem quality.
At the Diamond Sale front, post period, a parcel of 7,239.29 carats of diamonds was placed on tender via the Company’s diamond marketing agent Bonas Couzyn in Antwerp, Belgium. The goods sold for US$1.35 million at an average price of US$184.34 per carat. Although the rough diamond market is currently soft, generally as a result of sluggish polished diamond sales in the US and China, the largest diamond consuming markets, the tender was well attended and all separate lots on offer were strongly bid.
Overall from Tongo 12,457 carats have been sold to date at an average price of US$216 per carat. As production increases at Tongo the size distribution of the diamonds recovered will “normalise” and be better represented in the larger sizes, which will in turn translate to a stronger average price per carat.
The outlook for the rough diamond market for the remainder of 2023 remains challenging. In response, large producers such as De Beers have recently reduced prices of rough diamonds sold at recent sights, as well as offer deferrals, to bring profitability back into the manufacturing sector. Furthermore, recent signs of easing of worldwide inflationary pressures and the lessening of recessionary risks are expected to impact positively on rough diamond prices going forward.
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