1st Sep 2015 09:52
LONDON (Alliance News) - DiamondCorp PLC, a London-listed diamond mine development and exploration company focused on South Africa, said its losses widened in the first half.
In a statement, the company said it made a GBP3.2 million loss before and after tax in the six months ended June 30, compared with GBP2.7 million in the corresponding half the prior year.
Operating expenses narrowed to GBP672,480 from GBP739,963, while the cost of fair value adjustments swelled to GBP2.5 million from GBP1.6 million.
DiamondCorp said it was hit by adjustments for a weaker rand exchange rate, as the South African currency has weakened against its sterling reporting currency.
The company said its first diamond sale is now scheduled for October, when "tunnel and initial slot drive tonnage will have provided a sufficiently representative parcel of kimberlite diamonds".
Shares in DiamondCorp were down 0.5% at 9.70 pence in London on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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