Welcome to our dedicated page for Diamcor Mining news (Ticker: DMIFF), a resource for investors and traders seeking the latest updates and insights on Diamcor Mining stock.
Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A) is an established Canadian diamond mining company with a focus on ethically sourcing, mining, and selling natural rough diamonds to reputable diamantaires and luxury retailers. The company's primary project, Krone-Endora at Venetia, adjacent to De Beers' Venetia Diamond Mine in South Africa, aims to provide a supply of high-quality diamonds. Diamcor has a strong commitment to social responsibility, environmental protection, and supporting local communities. With a strategic alliance with Tiffany & Co., Diamcor is well-positioned to grow its presence in the diamond industry.
Diamcor Mining Inc. (TSXV:DMI) (OTCQB:DMIFF) has appointed Mr. Ross McElroy as Special Advisor, enhancing its leadership in the diamond mining sector. Mr. McElroy brings over 35 years of experience in mining, including senior roles at BHP and Fission Uranium Corp, and has been awarded the PDAC Bill Dennis Award for exploration success. His expertise will focus on the Krone-Endora at Venetia Project, which has significant low-cost displacement potential from the De Beers Venetia mine. CEO Dean Taylor believes Mr. McElroy's contributions will be vital in advancing their operational goals post-COVID. Diamcor has a strategic alliance with Tiffany & Co. to secure future rough diamond production, reinforcing its market position.
Diamcor Mining Inc. (OTCQB-DMIFF) reported strong performance in its fourth fiscal quarter ending March 31, 2023, generating gross revenues of USD $1,579,728.40 from the sale of 3,310.67 carats of rough diamonds. The average price per carat was USD $477.16, bolstered by two significant gem-quality diamonds weighing 72.5 carats and 45.15 carats. Despite challenges related to power supply disruptions in South Africa, the company is actively managing operations and plans to enhance its power systems by Q2 2023 to mitigate future risks. A strategic alliance with Tiffany & Co. further supports its long-term growth objectives.
Diamcor Mining Inc. (DMIFF) reported the recovery of a 45.15 carat gem quality rough diamond from its Krone-Endora at Venetia Project, following a previous recovery of 72.53 carats. This increase in larger gem-quality diamonds is expected to boost revenues despite current processing challenges due to power load-shedding in South Africa. The company is also progressing with a comprehensive power management solution to mitigate ongoing supply issues, targeting installation completion by the next fiscal quarter. The latest quarter saw 1,538.62 carats sold, generating gross revenues of USD $980,696.08.
Diamcor Mining Inc. has announced the recovery of a 72.53 carat gem quality rough diamond and the initial sale of 1,466.12 carats of rough diamonds, generating gross revenues of USD $294,696.73 this quarter. The average price per carat stands at USD $201.00. The lower total carats sold were attributed to increased load-shedding in South Africa, though advanced discussions are underway to mitigate this issue. The recovered rough diamonds will be either tendered or held for future sales. The company indicates strong ongoing demand for large gem-quality diamonds, reinforcing positive revenue potential.
Diamcor Mining Inc. (DMIFF) reported strong production results for the fiscal third quarter 2022, achieving a record sale of 8,327.58 carats of rough diamonds, which is a 120% increase from the previous quarter and a 53% increase year-over-year, generating revenue of USD $2,054,248.33. However, the company faced a net loss of $386,619, contrasting with a profit of $1,016,568 in the previous quarter. Ongoing power supply issues in South Africa continue to impact operations, although Diamcor is finalizing plans for additional power back-up systems to mitigate these challenges.
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