Canada’s Diamcor Mining reports revenue plunge of 37%


Diamcor Mining reports that revenue has dropped 37 per cent year on year to $886,343 CAD during its third fiscal quarter, which ended on December 31, 2014. According to the diamond mining company, the drop is a result of the sale of a 91.70-carat diamond for $817,920 in the third quarter a year ago.

Diamcor says that the amount of rough diamonds sold dropped 10 per cent to 3,579 carats at an average price of $222 per carat. The company also reports a net loss of $643,753 CAD for the quarter, compared with net income of $97,546 a year ago.

During the quarter, Diamcor tried to raise funds for its planned expansion of the Krone-Endora at Venetia project by closing a $3.1 million CAD brokered and non-brokered private share placement. CJ