Stellar Diamonds Gradually Cutting Its Losses

Stellar Diamonds is still running a loss, the first said, but it has at least managed to reduce the hemorrhaging in the second half of the 2012 calendar year, Diamond Intelligence reports. Between July and December 2012, Stellar's net loss was $1.55 million, a significant reduction from the $1.95 million it lost during the same six month period in 2011.

The first announced revenues of $370,000 for the twelve-month period ending in June 2012, but no revenues at all were recorded since.

The diamond company is still hopefully for the medium to long term, saying that its projects in Sierra Leone and Guinea contain more rough diamonds than originally thought. The Tongo mine in Sierra Leone was upgraded to inferred resources of 1.07 million carats and the Droujba mine in Guinea was upgraded to inferred resources of 2.92 million carats, according to Diamond Intelligence. Stellar said that the next several months will be spent analyzing these sites to determine the most economically efficient way to mine them.

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