Vaaldiam Mining Inc (TSX: VAA), the Canadian based diamond mining and exploration company, has reported a net loss of $1,682,000 in the second quarter ending on June 30, 2010. It is a sign of improvement as for the same period in 2009 the company had reported a net loss of $2,231,000.
The company which had shut its Duas Barras mine in November 2008 and Chapada mine in July 2008 due to a weak diamond market and high operating costs has started making a comeback. The full year production outlook for the reopened Duas Barras diamond mine in Brazil has been lowered.
The company expects full production to resume at the mine by the third quarter of 2010. It is also expecting to upgrade and expand its resources at Duas Barras besides buying additional properties. The company was previously called Tiomin Resources. It changed its name to Vaalidiam Resources after it bought the diamond miner and sold its Kwale mineral sands project in Kenya.
Vaaldiam expects a full production in the range of 15,000 carats at Duas Barras alluvial diamond mine which should increase to about 40,000 carats in 2011 when the mine is operating after expansion.