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Diamcor prepares for its biggest rough diamond tender ever 30th October 2015
– Vancouver-based miner Diamcor Mining is preparing its diamond inventory for the largest rough diamond tender to date, when about 6 800 ct recovered from its Krone-Endora at Venetia project, in South Africa, would be put up for sale.
The TSX-V-listed miner advised that the first tender of its fiscal third quarter, ending December 31, would comprise about 2 800 ct from material recovered and processed from early in October to the 25th of the month, along with about 4 000 ct of rough diamonds held in inventory as of September 30.
The tender would also offer certain higher-value rough diamonds that the company withdrew from the previous tender, namely eight individual 2 ct to 3 ct carat stones, as well as five ‘specials’ ranging in size between 10.93 ct and about 18.05 ct.
Diamcor noted that diamond in the tender were recovered through processing material in the +1 mm to -26 mm size fractions, along with limited processing of material from various larger size fractions during the period.
The company had not yet declared commercial production at the deposit, located directly next to De Beers’ Venetia diamond mine in the Limpopo province – the country’s largest precious gems mine, and recoveries were incidental to the ongoing commissioning and testing exercises performed at the project.
However, a decline in diamond prices because of lower growth in Chinese jewellery demand was dulling its appeal. Last month, Anglo American-controlled De Beers cut the prices of its rough diamonds by up to 10% and this month State-controlled Alrosa, of Russia, followed suit, against the background of diamond manufacturers saying that they simply could not be expected to pay high prices for rough diamonds at a time of falling polished prices.
Diamcor's TSX-V-listed stock on Friday gained 6.06% to close at C$1.05 apiece, having lost 18.18% in value since the start of the year.

http://www.miningweekly.com/article...-biggest-rough-diamond-tender-ever-2015-10-30