DiamondCorp Sells First Diamonds from Lace Mine Tailings

DiamondCorp plc (LSE:DCP) announced that it has completed its first sale of diamonds recovered from tailings retreatment at its South Africa-based Lace mine.

Some were sold to Laurelton Diamonds, a subsidiary of Tiffany & Co. (NYSE:TIF), under an offtake agreement.

As quoted in the press release:

A total of 6442.04 carats were sold for gross proceeds of $278,574.30, representing sales proceeds of $43/carat.

The diamonds sold comprised 5,026.72 carats recovered prior to and during the commissioning of the Lace recovery plant, and 1,415.32 carats run of mine recovered after plant modifications were made to increase the bottom screen cut size in the plant.

The diamonds recovered after the modifications comprised a coarser stone size distribution and achieved a price of $63/carat. Management considers this price to be a fair benchmark for the economics of the tailings retreatment operation in 2014.

Click here to read the full DiamondCorp plc (LSE:DCP) press release.