LONDON (ShareCast, Thursday June 12, 01:04pm) - KimCor Diamonds (LSE: KIM.L) sparkled Wednesday after a bullish update on its mining operations in South Africa.
The company said diamond production in May totalled 5,173 carats, versus the previous average monthly production of 1,200 carats.
The SMI-4 project's production was significantly ahead of expectations, with diamond recovery totalling 12.23 carats per hundred tonnes (cpht) against budgeted expectations of 6 cpht.
The company expects the new equipment that will boost SMI-4 processing rates up to 150,000 tonnes per month will be up and running by the end of July 2008.
Diamond recovery rates at the Newlands and Blaauwbosch mines were in line with expectations.
The company said it remains on schedule to meet its target of annualised diamond production in 2008 of 150,000 carats.
KimCor Diamonds is 48% owned by Dwyka Resources (LSE: DWY.L).
DWY Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
