In the media

DiamondCorp confident on future as reduces loss in 2013

03 June 2014

Source: Proactive Investors UK

Author: Giles Gwinnett

DiamondCorp (LON:DCP) is highly positive about the future as it revealed further cuts in overheads had helped it to reduce its net loss in 2013.

Releasing finals, the diamond mine developer noted the net loss for the 12 months to end 2013 was £2.61 million compared to £3.53m in 2012 and £4.24m in 2011.

The firm has made great advances at Lace and remains on track to start underground production next year, with development on schedule and within budget.

CEO Paul Loudon said: "We are now a mining company and diamond producer well on the way to unlocking the treasure chest underground at the Lace mine while seeking other opportunities to build our company into a strong and profitable mid-tier diamond miner.

"We continue to believe that the outlook for diamond prices is very positive particularly with growing demand from developing countries such as China and India.

"On the supply side, major new mines are not being discovered, older mines are having to develop underground usually with lower output, new mine developments such as GahchoKue in Canada are suffering delays and perhaps most significantly, output from the Marange fields in Zimbabwe looks likely to fall sharply.

"All these factors are not helping to meet the growing demand for diamonds that we and industry observers expect."

DiamondCorp said it was forecasting the market to be steady to modestly higher in the rest of 2014, with potential for price strengthening in 2015 as world economies continue to recover.

DiamondCorp shares rose 4.08% to 6.375p.

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