South Africa: DiamondCorp’s loss widens

EMERGING diamond producer DiamondCorp, the operator of the Lace Diamond Mine in the Free State, said yesterday that its net loss had widened last year to £3.25 million (R60m) from £2.61m as it took a hit from the weaker rand and strike action amid continued sluggish global diamond sales. London-based DiamondCorp said that prices for rough diamonds were flat last year but that, despite a similarly dull start to 2015, prices had recently recovered, and the market had a more positive mood. “We remain extremely optimistic for the future as global wealth growth supports demand at a time when global diamond production is forecast to peak,” chairman Euan Worthington said. DiamondCorp said its net loss included administrative costs of £1.6m, adding that costs had fallen for the third consecutive year. At December 31, cash on hand was £2.53m – slightly higher than the £2.22m in 2013, the company said. – ANA