TransHex company announced that in the fiscal year that ended March 31, 2016, at the mine Somiluana (Somiluana) in Angola were mined 99,572 carats against 94,483 carats a year earlier. This was achieved thanks to the 14.2 percent increase in the average content of the diamond in the rock, but the result has worsened due to falling volumes of processing rock by 7.7%.
The sale of diamonds from the mine in Angola fell to $ 34.2 million, while the average price per carat of $ 351. In the previous year, these figures were respectively $ 43.9 million and US $ 458 per carat.
Loss from continuing operations of the company in Angola amounted to $ 2.4 million against a profit of $ 0.16 million a year earlier.
However, the operations profit from ended Luarika (Luarica) and Fukauma (Fucaúma) reached $ 1.6 million per reporting period, versus $ 1.4 million a year earlier.
In TransHex noted that production in Angola on the east bank of the Luana River will continue, while the exploration will be carried out on the new locations of interest to the company.
"We continue to seek additional funding to increase production volumes (diamonds)," - noted in the company.
"Mining and exploration, consisting in drilling and bulk sampling study, suggests that 2017 fiscal year diamond production will exceed 99 500 carats, which managed to obtain in 2016 financial year", - added to the TransHex.
However, the South African mining TransHex fallen to 21.5%, to 48,435 carats against 61,688 carats last year due to the fact that the processing of gravel decreased by 13.4%, and the content of diamond in the rock decreased by 5, 4%, up to 1.22 carats per 100 cubic meters for operations in the lower region of the Orange river (lower Orange river)
revenue fell by 28.6% in South Africa and the South African rand was 671.4 million rand ($ 44.4 million) in 2016 financial year against 939.7 million rand ($ 62.2 million) in 2015 fiscal year.
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Stornoway Diamond Corporation announced the completion of the procedures for obtaining the third and last tranche of funding worth $ 90 million, and also spoke about the new appointments to its management team.
Another 8 July 2014 Stornoway entered into an agreement to finance the diamond project Renard (Renard) in Canada, the cost of 946 million Canadian dollars. Receipt of each tranche of financing depends on a number of conditions, including progress in the development and certification of Renard Diamond Project. Since all the conditions of the company have been met, the last tranche was transferred to it in accordance with the funding schedule.
At the same time, Stornoway will be able to get a large mortgage loan from DIAQUEM Inc. for the completion of the Renard mine. Current cash reserves and short-term investments Stornoway are sufficient to cover the planned development costs Renard, financing and corporate expenses of the company in 2016.
At the same time, starting from April 1, 2016, Robert Choss (Robert Chausse) will hold the position of Chief Financial Director of the company. He joins Stornoway, as she begins to move from project design to its operation and the first sale of diamonds.
Commercial production at Renard Diamond Project is scheduled to begin December 31, 2016.
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