Trivalence Mining (TMI-V) saw its diamond production increase by 58% in the fiscal year ended June 30, thanks to the startup of the Palmietgat mine in South Africa.
The wholly owned kimberlite mine cranked out 29,254 carats, adding to 35,126 carats of attributable production from the Aredor alluvial mine in Guinea. Trivalence owns an 85% stake in the Aredor property. The government holds the remainder.
The stones, most of which were gems and industrials picked at Aredor, were sold for US$1.3 million in four sales. Of that amount, US$254,859 came from the sale of a single parcel of 1,715.75 carats mined at Palmietgat.
On July 16, Trivalence expects to formalize a deal with Rio Tinto (RTP) that grants the major a right to earn a 53% interest in the primary potential of the Aredor property. Trivalence will retain 32% of that aspect of the project.
Be the first to comment on "Trivalence ups production"