Diamond Fields posts earnings (June 17, 2002)

During the quarter ended March 31, Diamond Fields International (DFI-T) reported net income for the first time.

The company earned $69,912 for the 3-month period, compared with a net loss of $1.1 million during the corresponding period in the 2001.

The improvement is attributed to lower production costs combined with improved mining efficiencies at the Namibian joint venture with South African diamond producer Trans Hex Group.

Diamond Fields’ inventory at the end of the quarter was 3,300 carats, recorded at a cost of $444,000. This was subsequently sold for gross proceeds of $800,000. The company also incurred financing costs of almost $57,000.

Diamond Fields plans to raise additional funds to buy equipment needed to develop and mine diamond resources outside the joint-venture area.