In the media

DiamondCorp narrows fiscal loss

05 June 2014


Author: Deena Taylor

DiamondCorp reported a loss of $4.4 million (GBP 2.6 million) for the fiscal year that ended December 31, 2013, which was an improvement from a $5.9 million (GBP 3.5 million) loss in 2012. The company  reduced overhead costs and general and administrative expenses during the period.

The company noted that during 2013, it finalized funding to develop its Lace mine project in South Africa, installed surface facilities at the site and commenced underground mining. Operating costs at the site came in under budget, reaching 95 percent of plan. DiamondCorp stated that Lace is fully funded until production, which the company expects to be earlier than previously anticipated but provided no specific date.

DiamondCorp expects that its Lace mine will benefit from market dynamics as it anticipates that rough diamond prices will remain firm going forward and have a positive outlook for the medium to long term. The company is forecasting the market to be steady to modestly higher for the balance of 2014, with potential for price strengthening in 2015 as world economies continue to recover.

The company closed the fiscal year with $3.7 million (GBP 2.2 million) in cash and cash equivalents on hand. In April, the company raised an additional $3.5 million (GBP 2.1 million) for corporate overhead and head office costs.

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