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 announced continued optimization efforts at its upgraded processing plant, aiming to enhance long-term processing volumes. For Fiscal Q1, the company reported gross revenues of USD 557,559.22 from 3,061.70 carats sold, with an average of USD 182.11 per carat. The company withheld 1,944.36 carats to benefit from a better price environment expected in July. Challenges like reduced processing volumes due to supply chain issues and unexpected power outages were noted. Nevertheless, significant improvements in processing volumes per operating hour of up to 70% over historical levels were achieved.
Diamcor Mining Inc. (OTCQB-DMIFF) will participate in NobleCon18, scheduled for April 21, 2022, at the Hard Rock Hotel, Florida. CEO Dean Taylor will present at 1:30 PM ET and will engage with attendees during breakout sessions on April 20. The presentation will be available via a high-definition webcast on their website and Noble’s platform the following day. Diamcor is known for its diamond mining operations in South Africa and has a strategic alliance with Tiffany & Co. to purchase future production from its Krone-Endora at Venetia Project.
Diamcor Mining Inc. (OTCQB:DMIFF) reported a 21% increase in gross revenues for Q4 ending March 31, 2022, totaling USD $1,301,978. Despite a 12% decrease in carats sold to 4,787.89, the average price per carat rose 38% to USD $271.93, attributed to rough diamond shortages. The company continues to enhance processing capabilities, aiming for a 60% increase in processing volumes and cost reductions. Diamcor's strategic upgrades position it to benefit from anticipated diamond supply shortages.
Diamcor Mining Inc. (OTCQB:DMIFF) announced plans to accelerate portions of its second phase upgrades at the Krone-Endora at Venetia project, capitalizing on strong rough diamond prices and anticipating further supply shortages. Key advancements include enhancements to screening and water management systems, aimed at increasing processing efficiency and reducing operating costs. The updates are designed to support higher processing volumes without disrupting current operations, with completion expected by June 30, 2022. CEO Dean Taylor emphasized the need to act swiftly to leverage market conditions.
Diamcor Mining Inc. reported a strong quarterly performance for the period ending December 31, 2021. The company sold 5,441.88 carats of rough diamonds, generating revenue of $1,074,748, a 25% increase from the previous quarter. They also reduced debt by CAD $3,100,353 and improved net loss to $939,916, a 34% year-over-year improvement. The company completed the first phase of its expansion ahead of schedule and is on track for the second phase by June 30, 2022. CEO Dean Taylor expressed optimism regarding future diamond supply constraints due to economic sanctions affecting Russia.
Diamcor Mining Inc. (DMIFF) reported robust results from its first tender of 2022, selling 3,062.53 carats of rough diamonds for USD $1,010,406.65, averaging USD $329.93 per carat. The tender included three special diamonds, with the largest being a 16.79 carat piece. Increased demand and limited supply drove prices up compared to the previous quarter. The company plans another tender before the current quarter ends. CEO Dean Taylor expressed satisfaction with the results, indicating a positive outlook in the diamond market.
Diamcor Mining Inc. has delivered approximately 3,103.40 carats of rough diamonds for its initial tender in January 2022, recovered from the Krone Endora at Venetia Project. The diamonds will be tendered in Dubai soon. The company aims to increase processing volumes with further upgrades targeting completion by June 30, 2022. Additionally, exploration activities will commence on surrounding areas by the end of 2022. CEO Dean Taylor noted that the market for rough diamonds is tightening, with major suppliers like De Beers raising prices by about 10%.
Diamcor Mining Inc. (DMIFF) announced that shareholders approved all resolutions during its Annual General and Special Meeting on December 23, 2021. Significant resolutions included the Amendment to the Stock Option Plan and the election of directors, with a notable 98.59% of votes in favor of the number of directors proposed. A total of 43,812,357 shares were voted, representing 48.48% of all outstanding shares. The company continues to strengthen its operational capabilities through its partnership with Tiffany & Co. for diamond supply.
Diamcor Mining Inc. announced the recovery, delivery, tendering, and sale of an additional 2,925.66 carats of rough diamonds from its Krone-Endora at Venetia Project, exceeding previous estimates by 175.66 carats. Total sales for the quarter reached 5,442.57 carats, a 25% increase from the previous quarter, generating gross revenues of USD $1,074,780.69 at an average price of USD $197.48 per carat. Continued upgrades at the processing facilities are on schedule, aiming for a 100% increase in processing volume. The company anticipates further sales and enhanced recoveries in the upcoming quarter.
Diamcor Mining Inc. has reported the delivery of approximately 2,750 carats of rough diamonds for tender this quarter, raising the total to around 5,276.91 carats due to prior deliveries. The company is pleased with current recovery rates and processing upgrades, with phase two improvements expected to be completed in H1 2022. Additionally, Diamcor is enhancing its standby power systems to mitigate load-shedding issues in South Africa, with a focus on potential solar power integration, expected to lower operating costs and carbon footprint.
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