Johannesburg - Emerging diamond producer DiamondCorp, operator of the Lace Diamond Mine in the Free State, said on Tuesday that its net loss had widened in 2014 to £3.25 million from £2.61 million as it took a hit from the weaker South African rand and strike action amid continued sluggish global diamond sales.
London-based DiamondCorp said in a statement that prices for rough diamonds were flat in 2014 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 £1.6 million, adding that costs had fallen for the third year in a row. At December 31, cash on hand was £2.53 million - slightly higher than the £2.22 million in 2013.
ANA