(Submitted Photo/Star Diamond Corporation)

By paNOW Staff

STAR DIAMOND

Star Diamond releases second quarter financial results

Aug 11, 2023 | 12:05 PM

The company with investments in a diamond mine in Fort a la Corne has reported a loss in the second quarter of 2023.

That report was released on Friday by Star Diamond Corporation. In a media release, the company said that for the three months ending June 30, they recorded a net loss of $0.9 million. That’s compared to a net loss of $0.7 million, or $0.00 per share for the same quarter in 2022.

Star Diamond attributed the net loss to a $0.3 million non-cash loss on the fair value re-measurement of the company’s investment in Wescan Goldfields. That was offset by a 20 per cent in expenses.

READ MORE: Star Diamond hopeful for better 2023

As for the year-to-date results, Star Diamond reported a net loss of $1.2 million, compared to a loss of $1.5 million at the same time last year.

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“This 20% decrease, period over period, was due to lower administrative and exploration and evaluation expenditures incurred, offset by higher consulting and professional fees and corporate development costs,” the company said in its release.

Meanwhile, Star Diamond is still working with Rio Tinto to look at alternate options for the Fort a la Corne site. The discussions are ongoing and the company said there’s no certainty an agreement will be reached between the two companies soon.

Rio Tinto still has a 75 per cent share of the project, which means they control it. Last year, however, Rio Tinto put the project into “care and maintenance” mode, which means no work is being done to advance it.

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panews@pattisonmedia.com