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. has provided an operational and corporate update for its Krone-Endora at Venetia Project. Despite facing power outages in South Africa, the company reported revenue increases in H2 2022. Key improvements included operational upgrades and increased processing volume capabilities, achieving up to 70% increase in processing volumes per hour. Looking forward, Diamcor plans to install power upgrades and further enhance processing capabilities, aiming for 75% increase in processing capacity. The company remains focused on expanding its exploration in the broader project area.
Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF) announced that all resolutions were passed at its Annual General Meeting (AGM) held on December 21, 2022, with a total of 65,347,108 shares voted, representing 53.35% of the total outstanding shares of 122,492,174. The resolutions included the appointment of directors and auditors, with significant support, such as 99.98% approval for Dr. Stephen Haggerty. The company continues to advance its strategic alliance with Tiffany & Co. for diamond production from the Krone-Endora at Venetia Project.
Diamcor Mining Inc. (DMIFF) reported strong results from its second and final tender of rough diamonds for the quarter ended December 31, 2022. The company sold a total of 8,327.58 carats in the quarter, generating gross revenues of USD $2,054,248.33, with an average price of USD $246.68 per carat, reflecting a 121% increase from the previous quarter. The sales included larger gem-quality diamonds, enhancing the project's potential. The average price per carat remained strong, despite some variations. Diamonds recovered but not sold this quarter will be included in future sales.
Diamcor Mining Inc. (DMIFF) reported strong results from its recent diamond tender, selling 5,518.74 carats of rough diamonds, including significant gems in the Specials category, with a largest specimen weighing 43.55 carats. The tender generated USD $1,472,471.03 in gross revenues, marking a 148% increase in carats sold compared to the previous quarter. The average price per carat was USD $266.81, more than double the world average. A second tender is anticipated before year-end to further boost sales.
Diamcor Mining Inc. (OTCQB:DMIFF) reported a net income of $1,016,568 for the quarter ending September 30, 2022, marking a significant turnaround from a net loss of $918,953 the previous quarter. The company sold 3,776.33 carats of rough diamonds, generating revenue of $2,099,951.32 at an average price of $556.08 per carat. Notably, this revenue increase was significantly influenced by the sale of a 59.35 carat gem-quality diamond. The company continues to manage operational costs amidst supply chain delays while optimizing processing capacities.
Diamcor Mining Inc. reported a significant increase in rough diamond deliveries, achieving approximately 5,593 carats for its first tender of the current quarter, a 148% increase from the previous quarter. The delivery includes gem quality diamonds in the Specials category, with the largest at 43.55 carats. CEO Dean Taylor emphasized the Project's potential for high average dollar per carat results, highlighting operational growth despite challenges. The company maintains a strategic alliance with Tiffany & Co. for future production.
Diamcor Mining Inc. (DMIFF) reported strong results from its second diamond tender, selling 1,836.52 carats for gross revenues of USD $1,621,559.42, averaging USD $882.95 per carat. Highlights include a 59.35 carat gem diamond contributing significantly to revenue. Despite challenges such as South Africa's Eskom power outages affecting operations, total quarterly revenues have surged by 276% compared to the previous quarter. The company has resolved its audit filing delays, and the Management Cease Trade Order has been revoked.
Diamcor Mining Inc. (TSXV:DMI / OTCQB:DMIFF) provided a default status report due to delays in filing its audited financial statements for the year ended March 31, 2022. The Company sought a temporary management cease trade order (MCTO) because of ongoing load-shedding issues in South Africa. The MCTO was granted on August 3, 2022. There have been no undisclosed material changes since the initial default notice, and the Company aims to file its financial disclosure by August 31, 2022. Directors and insiders are restricted from trading the Company's securities until the filing is completed.
Diamcor Mining Inc. announced it will not file its audited financial statements for the year ended March 31, 2022, by the July 29 deadline due to ongoing delays from power load-shedding in South Africa. This affects the completion of the annual audit as Canadian auditors rely on the South African audit finalization. The Company expects to file the Financial Disclosure by August 31, 2022, and has applied for a management cease trade order to protect its insiders. The situation is compounded by the ongoing rolling blackouts affecting business operations in the region.
Diamcor Mining Inc. announced its first tender and sale results from the Krone-Endora at Venetia Project for Fiscal Q2 ending September 30, 2022. The company sold 1,939.81 carats of rough diamonds, generating USD $478,391.90 in revenues, averaging USD $246.62 per carat. They recovered two gem-quality diamonds, 59.25 carats and 21.85 carats, expected to be tendered in August. CEO Dean Taylor highlighted strong demand and ongoing efforts to increase processing volumes, reinforcing the project's potential for high-value gems.
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