Diamcor Mining Inc. reporting its results for financial year ended March 31, 2017 (fiscal 2017) said that the Company generated a revenue of C$ 5,928,425 or US$ 4,466,549 (net of commission and fees), from the sale of 32,627.97 carats of rough diamonds for the period; thus realising an average price per carat of US$ 136.89.  In the previous fiscal, the Company had earned a revenue of C$ 4,681,508 or US$ 3,363,264 (net of commission and fees), from the sale of 24,068.01 carats of rough diamonds; realising an average price of US$ 139.74.

Diamcor noted that the rough diamonds recovered during the period were “incidental to the ongoing commissioning and testing exercises” underway. The Company said that it was    developing and expanding the facilities at the Krone-Endora at Venetia Project with a view to supporting increased processing volumes over the long-term.

“The average price per carat was in line with Company expectations given that the material being processed as part of the ongoing development exercises was largely limited to lower-grade material in the 1mm to 15mm size fractions, and the industry continued to experience price weaknesses in certain categories of rough diamonds during fiscal 2017,” the Company explained. 

During fiscal 2017, Diamcor’s operating expenses rose to C$ 4,789,342, from C$ 3,668,955 incurred in the previous fiscal.    

 The Company’s net income from operating activities in fiscal 2017 stood at C$ 1,139,083.  After accounting for C$ 3,578,769 for general and administrative expenses; C$ 51,572 for interest and other income; and expenses on various other heads, Diamcor declared a net loss before tax of C$ 2,766,069 for fiscal 2017 as compared to a net loss of C$ 4,232,982 reported for the prior fiscal. Basic and diluted loss per common share amounted to C$ 0.02 as compared to a loss of C$ 0.07 in the previous fiscal.

“As of March 31, 2017, the Company had cash and cash equivalents of C$ 264,937 (C$ 824,858 March 31, 2016), rough diamond inventory of C$ 1,220,918 (C$ 826,603 March 31, 2016), accounts receivable of C$ 186,307 (C$ 270,522 March 31, 2016), and prepaid expenses of C$ 28,470 (C$ 33,934 March 31, 2016),” the Company reported.

On June 12, 2017, the Company said, it closed an oversubscribed, non-brokered private placement for gross proceeds of C$ 4,213,372.65, with the majority of the offering subscribed for by existing institutional investors and large shareholders of the Company. 

As a result of making payments from the net proceeds towards the Tiffany’s debt facilities (including the repayment in full of the outstanding balance on the Tiffany’s Term Loan 1 facility)  the amount required to service the Company’s debt has reduced from C$ 949,268 to C$ 520,293 per quarter going forward, the Company stated.

Diamcor also announced the appointment of Rob De Pretto as the new Managing Director of Operations – South Africa of the Company’s operating subsidiary. De Pretto, has a 33-year career in the diamond industry and has, most recently, held senior management, operational, and technical positions with Anglo American and De Beers Consolidated Mines.