Johannesburg, South Africa — MININGREVIEW.COM — 05 December – BRC DiamondCore Limited (BRC) – a growth-focused African diamond explorer, created through the merger of BRC Diamond Corporation of Toronto and DiamondCore Resources of Johannesburg – has implemented a strategic suspension of bulk sampling at its projects in the Northern Cape in view of current depressed diamond prices.
In a news release issued here and in Toronto, the company said it intended to minimise any negative impact of these suspensions on its workforce. All plant and equipment would be maintained and would receive appropriate refurbishment in anticipation of a resumption of bulk sampling operations at the company’s Silverstreams alluvial project in early January 2009. Its Paardeberg East kimberlite and De Kalk alluvial projects were expected to resume operations as diamond prices recovered.
BRC DiamondCore president Mike de Wit said: “While there is a clear short-term need to conserve cash in the light of current market conditions, we anticipate a recovery in rough diamond prices in 2009. This, together with a stronger US Dollar exchange rate against our operating currency and lower energy costs, should position us more favourably in the year ahead.”
In keeping with the company’s commitment to developing its human capital, the shutdown period will be effectively utilised in continuing HIV/AIDS awareness and in-house training sessions at its South African projects.