Welcome to our dedicated page for Diamcor Mining news (Ticker: DMIFF), a resource for investors and traders seeking the latest updates and insights on Diamcor Mining stock.
Diamcor Mining Inc. (DMIFF) generates news primarily around its diamond mining activities, project development, and financing initiatives. As a fully reporting Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds, Diamcor’s updates often center on the progress and funding of its flagship Krone-Endora at Venetia Project in South Africa.
News coverage for Diamcor frequently includes announcements about private placements, term loan financings, and non-dilutive funding arrangements with industry partners. The company has reported multiple financings aimed at increasing processing volumes, advancing work programs, and supporting bulk sampling and expansion across the greater portions of the Krone-Endora project area.
Another recurring theme in Diamcor’s news is its long-term strategic alliance with Tiffany & Co. Canada. Releases describe Tiffany & Co. Canada’s first right of refusal to purchase future production of rough diamonds up to 10.8 carats from Krone-Endora, as well as loan and security agreements, amendments to outstanding loans, and related creditor actions. These items can be important for readers monitoring Diamcor’s capital structure, creditor relationships, and project funding.
Operational and regulatory updates also appear in Diamcor’s news flow. The company has disclosed delays in financial statement filings, applications for a management cease trade order, and the impact of supply chain disruptions, tariffs, and creditor enforcement steps on its South African operations and audit timelines. In addition, news items cover shareholder meetings, voting results on corporate matters, and access to meeting materials.
Investors and observers following DMIFF news can expect a mix of project-level developments at Krone-Endora, financing transactions, alliance-related disclosures with Tiffany & Co. Canada, and regulatory or governance updates that together outline the company’s ongoing efforts to advance its diamond mining business.
Diamcor Mining Inc. (DMIFF) reported the recovery of a 45.15 carat gem quality rough diamond from its Krone-Endora at Venetia Project, following a previous recovery of 72.53 carats. This increase in larger gem-quality diamonds is expected to boost revenues despite current processing challenges due to power load-shedding in South Africa. The company is also progressing with a comprehensive power management solution to mitigate ongoing supply issues, targeting installation completion by the next fiscal quarter. The latest quarter saw 1,538.62 carats sold, generating gross revenues of USD $980,696.08.
Diamcor Mining Inc. has announced the recovery of a 72.53 carat gem quality rough diamond and the initial sale of 1,466.12 carats of rough diamonds, generating gross revenues of USD $294,696.73 this quarter. The average price per carat stands at USD $201.00. The lower total carats sold were attributed to increased load-shedding in South Africa, though advanced discussions are underway to mitigate this issue. The recovered rough diamonds will be either tendered or held for future sales. The company indicates strong ongoing demand for large gem-quality diamonds, reinforcing positive revenue potential.
Diamcor Mining Inc. (DMIFF) reported strong production results for the fiscal third quarter 2022, achieving a record sale of 8,327.58 carats of rough diamonds, which is a 120% increase from the previous quarter and a 53% increase year-over-year, generating revenue of USD $2,054,248.33. However, the company faced a net loss of $386,619, contrasting with a profit of $1,016,568 in the previous quarter. Ongoing power supply issues in South Africa continue to impact operations, although Diamcor is finalizing plans for additional power back-up systems to mitigate these challenges.
Diamcor Mining Inc. has provided an operational and corporate update for its Krone-Endora at Venetia Project. Despite facing power outages in South Africa, the company reported revenue increases in H2 2022. Key improvements included operational upgrades and increased processing volume capabilities, achieving up to 70% increase in processing volumes per hour. Looking forward, Diamcor plans to install power upgrades and further enhance processing capabilities, aiming for 75% increase in processing capacity. The company remains focused on expanding its exploration in the broader project area.
Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF) announced that all resolutions were passed at its Annual General Meeting (AGM) held on December 21, 2022, with a total of 65,347,108 shares voted, representing 53.35% of the total outstanding shares of 122,492,174. The resolutions included the appointment of directors and auditors, with significant support, such as 99.98% approval for Dr. Stephen Haggerty. The company continues to advance its strategic alliance with Tiffany & Co. for diamond production from the Krone-Endora at Venetia Project.
Diamcor Mining Inc. (DMIFF) reported strong results from its second and final tender of rough diamonds for the quarter ended December 31, 2022. The company sold a total of 8,327.58 carats in the quarter, generating gross revenues of USD $2,054,248.33, with an average price of USD $246.68 per carat, reflecting a 121% increase from the previous quarter. The sales included larger gem-quality diamonds, enhancing the project's potential. The average price per carat remained strong, despite some variations. Diamonds recovered but not sold this quarter will be included in future sales.
Diamcor Mining Inc. (DMIFF) reported strong results from its recent diamond tender, selling 5,518.74 carats of rough diamonds, including significant gems in the Specials category, with a largest specimen weighing 43.55 carats. The tender generated USD $1,472,471.03 in gross revenues, marking a 148% increase in carats sold compared to the previous quarter. The average price per carat was USD $266.81, more than double the world average. A second tender is anticipated before year-end to further boost sales.
Diamcor Mining Inc. (OTCQB:DMIFF) reported a net income of $1,016,568 for the quarter ending September 30, 2022, marking a significant turnaround from a net loss of $918,953 the previous quarter. The company sold 3,776.33 carats of rough diamonds, generating revenue of $2,099,951.32 at an average price of $556.08 per carat. Notably, this revenue increase was significantly influenced by the sale of a 59.35 carat gem-quality diamond. The company continues to manage operational costs amidst supply chain delays while optimizing processing capacities.
Diamcor Mining Inc. reported a significant increase in rough diamond deliveries, achieving approximately 5,593 carats for its first tender of the current quarter, a 148% increase from the previous quarter. The delivery includes gem quality diamonds in the Specials category, with the largest at 43.55 carats. CEO Dean Taylor emphasized the Project's potential for high average dollar per carat results, highlighting operational growth despite challenges. The company maintains a strategic alliance with Tiffany & Co. for future production.
Diamcor Mining Inc. (DMIFF) reported strong results from its second diamond tender, selling 1,836.52 carats for gross revenues of USD $1,621,559.42, averaging USD $882.95 per carat. Highlights include a 59.35 carat gem diamond contributing significantly to revenue. Despite challenges such as South Africa's Eskom power outages affecting operations, total quarterly revenues have surged by 276% compared to the previous quarter. The company has resolved its audit filing delays, and the Management Cease Trade Order has been revoked.