Company Diamcor Mining, which is currently developing a diamond mine in South Africa, said that recorded a net loss of $ 4.23 million in the fiscal year ending March 31, 2016. A year earlier, net loss amounted to $ 3.12 million.
Diamcor also said that amounted to $ 157,992 compared to $ 1.58 million as a result of its operations in the period under review, the negative cash flow in the previous fiscal year.
"The company incurred losses since its inception," - said in its report.
Net of commissions and fees Diamcor income was $ 4.68 million from the sale of 24, 068.01 carats of diamonds at an average price of $ 139.74 per carat, compared with revenue in 2016 of $ 3.07 million from the sale of 14 carat 154.6 diamonds at an average price of $ 189.18 per carat in the previous fiscal year.
The increase in income, production and sales in 2016 fiscal year due to the increase in plant efficiency and refining volumes throughout the reporting period.
According to the company, reducing the average price per carat was due to the general weakening of prices for rough diamonds during the 2016 fiscal year compared with the previous year.
Diamcor said it anticipates a potential ability to fund operations recommended by bulk sampling and ongoing large-scale test mining activities, which are designed to help companies take the initial decision on the start of production at the field Krohn-Endora (Krone-Endora) within the framework of the project Venice (Venetia).
The company's ability to continue as a going concern will depend on the results of its operations, the ability to become profitable, engaging in constant sale of rough diamonds, and on its ability to raise additional capital, the report said.
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