Diamond miner, Kopane Diamond Developments (AIM: KDD) got a lift this morning after announcing that it had generated US$4.8 million in revenues from diamond sale in Antwerp in the first half of 2008.
Kopane sold 57,928 carats for approximately US$3.1 million, plus an additional US$1.7 million in July when it sold a number of fancy yellow diamonds, including a 13.3 carat fancy yellow that sold for US$468,000. First half sales showed an 23% increase in the number of carts sold, and a 36% increase in term of value.
"Sales prices achieved in the quarter and six months to 30 June 2008 remained strong with consistent prices being achieved at each tender. Prices for better high quality goods remained particularly robust and the sales have continued to attract interest from established buyers of Liqhobong rough diamonds", the company added.
Perhaps more interesting, Kopane added that the 17,020 carats sold in early July 2008, that with the exception of 200 carats, came from the K5 zone of the Main Pipe. The diamonds fetched on average $99.36 per carat, much higher than the average of the satellite pipe, and largely in thanks to the large fancy yellows recovered. Kopane is currently taking a number of 20,000 tonnes bulk samples from the Main Pipe as part of a bankable feasibility study.
Tim Read, Executive Chairman, summarised: "We are particularly pleased with the premium prices achieved in the recent sale of Main Pipe stones in July, with an average carat value of $99.36. The $35,136/ct for the 13.32 carat vivid yellow stone is our highest price per carat achieved so far. This is extremely encouraging when compared to the run-of-mine value for the Main Pipe of US$70 per carat, excluding the impact of bonanza stones, that was used in the Pre-Feasibility Study published in July 2007."