Key points
- Diamond Fields Inc. (DFI) realized a price increase of almost 30 per cent in its most recent sales, completed last week, compared to lows of mid-October 2001.
- For the six months ended Dec. 31, 2001, DFI reported operating profit of $392,993 on total sales of $1,166,560.
- The joint venture with Trans Hex Group began operations on May 24, 2001, and moved to full-scale mining on Nov. 6, 2001.
- CFO H.D. Lee said the company expects improving operating profitability in the third quarter ending March 31, 2002.
Market prices for diamonds produced by Diamond Fields’ joint venture with Trans Hex Group have continued to rebound strongly. In its most recent sales completed last week, Diamond Fields (DFI) realized an increase of almost 30 per cent since its lows of mid-October, 2001.
For the six months ended Dec. 31, 2001, the company reported operating profit of $392,993 on total sales of $1,166,560. The operating results reflected sales of diamonds produced from the joint venture’s trenching and mining program conducted from the commencement of joint venture operations, May 24, 2001, until the commencement of full-scale mining on Nov. 6, 2001.
H.D. Lee, chief financial officer of DFI, stated, “With full-scale mining, continued low costs of production and strengthening diamond prices, the company expects to see improving operating profitability in the third quarter ending March 31, 2002.”
WARNING: The company relies upon litigation protection for “forward-looking” statements.
