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. (TSXV:DMI / OTCQB:DMIFF) provided a default status report due to delays in filing its audited financial statements for the year ended March 31, 2022. The Company sought a temporary management cease trade order (MCTO) because of ongoing load-shedding issues in South Africa. The MCTO was granted on August 3, 2022. There have been no undisclosed material changes since the initial default notice, and the Company aims to file its financial disclosure by August 31, 2022. Directors and insiders are restricted from trading the Company's securities until the filing is completed.
Diamcor Mining Inc. announced it will not file its audited financial statements for the year ended March 31, 2022, by the July 29 deadline due to ongoing delays from power load-shedding in South Africa. This affects the completion of the annual audit as Canadian auditors rely on the South African audit finalization. The Company expects to file the Financial Disclosure by August 31, 2022, and has applied for a management cease trade order to protect its insiders. The situation is compounded by the ongoing rolling blackouts affecting business operations in the region.
Diamcor Mining Inc. announced its first tender and sale results from the Krone-Endora at Venetia Project for Fiscal Q2 ending September 30, 2022. The company sold 1,939.81 carats of rough diamonds, generating USD $478,391.90 in revenues, averaging USD $246.62 per carat. They recovered two gem-quality diamonds, 59.25 carats and 21.85 carats, expected to be tendered in August. CEO Dean Taylor highlighted strong demand and ongoing efforts to increase processing volumes, reinforcing the project's potential for high-value gems.
Diamcor Mining Inc. has announced continued optimization efforts at its upgraded processing plant, aiming to enhance long-term processing volumes. For Fiscal Q1, the company reported gross revenues of USD 557,559.22 from 3,061.70 carats sold, with an average of USD 182.11 per carat. The company withheld 1,944.36 carats to benefit from a better price environment expected in July. Challenges like reduced processing volumes due to supply chain issues and unexpected power outages were noted. Nevertheless, significant improvements in processing volumes per operating hour of up to 70% over historical levels were achieved.
Diamcor Mining Inc. (OTCQB-DMIFF) will participate in NobleCon18, scheduled for April 21, 2022, at the Hard Rock Hotel, Florida. CEO Dean Taylor will present at 1:30 PM ET and will engage with attendees during breakout sessions on April 20. The presentation will be available via a high-definition webcast on their website and Noble’s platform the following day. Diamcor is known for its diamond mining operations in South Africa and has a strategic alliance with Tiffany & Co. to purchase future production from its Krone-Endora at Venetia Project.
Diamcor Mining Inc. (OTCQB:DMIFF) reported a 21% increase in gross revenues for Q4 ending March 31, 2022, totaling USD $1,301,978. Despite a 12% decrease in carats sold to 4,787.89, the average price per carat rose 38% to USD $271.93, attributed to rough diamond shortages. The company continues to enhance processing capabilities, aiming for a 60% increase in processing volumes and cost reductions. Diamcor's strategic upgrades position it to benefit from anticipated diamond supply shortages.
Diamcor Mining Inc. (OTCQB:DMIFF) announced plans to accelerate portions of its second phase upgrades at the Krone-Endora at Venetia project, capitalizing on strong rough diamond prices and anticipating further supply shortages. Key advancements include enhancements to screening and water management systems, aimed at increasing processing efficiency and reducing operating costs. The updates are designed to support higher processing volumes without disrupting current operations, with completion expected by June 30, 2022. CEO Dean Taylor emphasized the need to act swiftly to leverage market conditions.
Diamcor Mining Inc. reported a strong quarterly performance for the period ending December 31, 2021. The company sold 5,441.88 carats of rough diamonds, generating revenue of $1,074,748, a 25% increase from the previous quarter. They also reduced debt by CAD $3,100,353 and improved net loss to $939,916, a 34% year-over-year improvement. The company completed the first phase of its expansion ahead of schedule and is on track for the second phase by June 30, 2022. CEO Dean Taylor expressed optimism regarding future diamond supply constraints due to economic sanctions affecting Russia.
Diamcor Mining Inc. (DMIFF) reported robust results from its first tender of 2022, selling 3,062.53 carats of rough diamonds for USD $1,010,406.65, averaging USD $329.93 per carat. The tender included three special diamonds, with the largest being a 16.79 carat piece. Increased demand and limited supply drove prices up compared to the previous quarter. The company plans another tender before the current quarter ends. CEO Dean Taylor expressed satisfaction with the results, indicating a positive outlook in the diamond market.
Diamcor Mining Inc. has delivered approximately 3,103.40 carats of rough diamonds for its initial tender in January 2022, recovered from the Krone Endora at Venetia Project. The diamonds will be tendered in Dubai soon. The company aims to increase processing volumes with further upgrades targeting completion by June 30, 2022. Additionally, exploration activities will commence on surrounding areas by the end of 2022. CEO Dean Taylor noted that the market for rough diamonds is tightening, with major suppliers like De Beers raising prices by about 10%.
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