DiamondCorp said its net loss for the six month period ended June 30, 2016, amounted to 247,221 pounds sterling, compared with 3.159 million pounds in the same period in 2015, after adjusting for exchange rate South African rand, which led to its strengthening.
The company is having trouble junior said its administrative expenses for this period increased to 0.893 million pounds to 0.672 million pounds a year earlier.
"The increase is primarily due to changes in terms of payment of remuneration to auditors, as well as with additional administrative costs, as the company moves from preparatory work to the production", - said in its statement.
Cash DiamondCorp funds to 30 June 2016 amounted to 0.108 million pounds. However, after the reporting period, the company managed to score another 2.0 million pounds by issuing shares.
Diamond Mine Lace (Lace) DiamondCorp companies in South Africa was transferred to the business management mode after the adverse weather conditions in the last year.
Nevertheless, the company has attempted to junior mine refinance through placement of shares and debt restructuring.
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Sociedade Mineira do Catoca (SMC), a leading Angolan diamond producer, said that last year he managed to get a profit of $ 126.8 million.
News agency Angop quoted the general director Sergei Mityukhin company, who pointed out that profits increased thanks reduce operating expenses by $ 34 million last year.
Catoca cut costs by hiring contractors to provide a range of services, as well as by raising salaries to employees who brought the increase in the efficiency of their work, added the head of the company.
The Catoca also noted that because of the difficult economic conditions, the price of diamonds mined by it last year fell to $ 87 per carat compared to $ 97 per carat a year earlier. In addition, the cost of taxes and fuel prices accounted for 75% of the company's expenses.
According to 32.8% of the company belongs to the state Catoca Endiama and Alrosa of Russia.
LLI Holdings owns a 18 percent share of the company and the Brazilian Odebrecht owns the remaining 16.4% stake.
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