Canadian diamond venture banks its biggest tender yet
Canadian diamond miner Diamcor (TSX-V:DMI) has brought in $856,000 from the sale of 4,752 carats of rough diamonds, the company announced on Tuesday.
The diamonds from the Krone-Endora at Venetia project in South Africa sold for an average of $180 per carat. The company believes this is the most representative sample recovered to date. Two previous tenders sold rocks at $142 and $144 per carat.
Diamcor is currently working on installing a final crushing curcuit at the main plant which would further increase effective processing of larger diamonds. Completion is expected within the next few weeks at which point the company will test and process larger materials.
Krone-Endora previously belonged to De Beers but Diamcor officially purchased the site in February 2011. The project is adjacent to the former owner's Venetia mine which is the third-largest diamond mine in the world.
Jeweller Tiffany & Co. of Canada is Diamcor's primary customer. Under a strategic alliance, Tiffany holds the right of first refusal on 100% of the miner's future production of rough diamonds.
Diamcor gained just over 2% on the Toronto ventures market on Tuesday, trading at $1.40 per share. Year-to-date the company has gained 6.2%.