Junior mining and exploration company Diamcor Mining says in its management discussion and analysis for the quarter ended June 30 that, while progress continues to be made globally to reduce the impacts of the Covid-19 global pandemic, its focus during the period continued to be on managing costs and supply chain delays.
Moreover, efforts also focused on increasing operational hours to pre-Covid-19 levels to sustain increased processing volumes for the long term.
The TSX-V-listed company recorded a net loss of $918 953 for the quarter under review – the first quarter of its 2023 financial year – resulting in a $0.01 apiece loss.
That compares with the net loss of $844 899 reported for the quarter ended June 30, 2021.
Revenue for the quarter halved to $699 298, compared with the $1.47-million in revenue reported for the prior comparable period.
During the quarter under review, Diamcor tendered and sold 3 061.70 ct of rough diamonds, generating revenue of $557 559.22, resulting in an average price of $182.11/ct.
Ongoing trial mining exercises at the company’s Krone-Endora at Venetia project, in South Africa, from inception through to June 30, have resulted in the incidental recovery, tender, and sale of 182 865.27 ct of rough diamonds, generating revenue of about $32-million, resulting in an average price of $175.50/ct.
During the quarter under review, Diamcor continued to advance the second phase of its two-phase expansion plan aimed at doubling of the project’s hourly processing capabilities.
With the goal of increasing hourly processing rates now achieved, the company’s efforts have shifted to additional operational items aimed at reducing or eliminating the impact of ongoing issues with national power supply in South Africa.
The management of operational salary and wages expenses, variable operational costs, and historical fixed costs continued to be a focus during the period given the ongoing uncertainties and supply chain disruptions surrounding the Covid-19 global pandemic.