Diamcor saw its loss more than triple in the first fiscal quarter, as revenue slumped due to weaker production and a lower average price at its South Africa-based alluvial-mining operation.
The company reported a net loss of $1.8 million (CAD 2.3 million) in the three months ending June 30, as opposed to a loss of $510,315 (CAD 665,599) during the same period last year.
During the quarter, the average selling price dropped 34% to $148 per carat, with revenue consequently falling 92% to $148,438 (CAD 193,606). The company did not provide sales-volume or production figures from its South African asset.
Diamcor owns the Krone Endora at Venetia, which it bought from De Beers in 2008.