[miningmx.com] – DIAMONDCORP, the UK-listed firm developing the Lace mine in South Africa’s Free State province, said it had produced a total of 7,449 carats for its first diamond sale, but would remain flexible on the timing of the sale.
Paul Loudon, CEO of DiamondCorp, said in a December quarter update today that his firm had prepared 3,577 carats recovered from development and bulk testing activities in the second half of 2015 taking total recovery to 7,449.
Notwithstanding improved trading conditions this year the company did not think the upbeat activity would be sustained.
“Supply management by the major producers has resulted in shortages in certain size
categories resulting in improved buying interest and prices since December, particularly for smaller goods,” said Loudon.
“These improved market conditions are not expected to be sustained so management has adopted an attitude of flexibility with respect to timing and size of the commencement of sales,” he added.
