Diamcor Mining Inc. announced that it had completed the second tender and sale for the third fiscal quarter ending December 31, 2019, at which 6,055.28 carats of rough diamonds were sold generating total gross proceeds of US$ 693,401.94, resulting in an average price of US$ 114.51 per carat. 

This brings the total rough diamonds delivered and tendered thus far in the third fiscal quarter to 10,088.29 carats, which have generated total gross proceeds to date in the quarter of US$ 1,117,474.38, resulting in an average price of US$ 110.77 per carat, the Company stated. 

An additional 3,306.40 carats have been delivered for tender and sale at a third and final tender for the period that will be held in the coming weeks. This brings the total rough diamonds delivered to tender in the Company’s third fiscal quarter to 13,394.69, which represents a significant increase when compared to the 3,882.82 carats tendered and sold which generated total gross proceeds of US$ 569,059 in the Company’s previous fiscal quarter ended September 30, 2019.

Diamcor said that the lower than historical average dollar per carat price registered till date continues to be the result of a higher percentage of smaller, lower quality rough diamonds being recovered due to the operational refinement exercises being performed. Price weaknesses in certain categories of the rough diamond market also contributed, to a lesser extent, to the lower dollar per carat average.

The Company said it remains confident that the average price per carat will increase to historical levels as the processing of mined material from the Project’s quarry resumes through the refined processing facilities in the coming weeks.

“The exercises being performed by our new operational team continue to demonstrate the historical issues hindering previous operations have now been corrected, and we look forward to the benefits of this as we begin processing material from the quarry at increased volumes in the coming weeks and months,” noted Diamcor CEO Dean Taylor. “The exercises have not only allowed us to refine our operations and processing plant during the quarter, but do so while reducing our operating costs during both this period, and for the long-term,” he added.