Exceptional Diamonds: The Company recovered its largest gem quality diamond at 342 carats. The diamond will be offered for sale at the Company's first exceptional stone tender in 2015.
Cash flows and Diamond Revenues: The Company achieved revenues of $38.1 million or $412 per carat in the second quarter of 2015, excluding $1.6 million of proceeds received after the quarter end. Revenues for the first six months totalled $67.8 million or $340 per carat which were 6.9% higher than the full year dollar per carat achieved in 2014 mainly due to the increase in the number of higher value single stones sold at the regular tenders.
The Company's first exceptional stone tender of 2015, which was held after the end of the second quarter achieved revenues of $68.7 million from the sale of 1,674 carats. The two largest diamonds, totalling 610 carats sold for $37.1 million or $60,639 per carat. Including the exceptional stone tender revenues, year to date diamond sales have achieved an average price of $662 per carat which is 2.8% higher than the full year 2014.
Net cash position: The Company's second quarter end cash balance was $74.0 million compared to $82.1 million in the previous year and $100.8 million at the end of 2014. The June cash balance excludes $1.6 million of cash received after the quarter end for its June tender and revenue from the Company's exceptional stone tender held in July. The Company currently has a cash and receivable position of $130.2 million following its July exceptional stone tender. Adjusted Earnings per share: Adjusted earnings per share (see pages 5 and 7 Non-IRFS measures) was $0.02 per share for the three month period ended June 30, 2015 and $0.04 per share for the six month period ended June 30, 2015 ($0.10 and $0.13 earnings per share for the three and six months to June 30, 2014 respectively).
Karowe and the Plant Optimization Project: Mining has performed well with ore mined in line with forecast and waste mining ahead of schedule. The plant optimization circuits have now been commissioned and fully integrated into the process facility. The XRT machines have performed extremely well recovering many of the large and high value diamonds sold in the Company's July exceptional stone tender. The Company is currently working on optimization of the dense medium separation circuit to maximize the recovery efficiency on the smaller, lower value diamonds processed through the plant.
Botswana Prospecting Licenses: In 2014, the Company was awarded two precious stone prospecting licenses located within a distance of 15 km and 30 km from Karowe respectively. The Company's construction of a bulk sampling plant is largely complete. Commissioning is on schedule for the third quarter with core drilling and bulk sampling activities to commence on receipt of the approved environmental management plan.
Dividend Paid: The Company paid its semi-annual dividend of CDN 2 cents per share on June 18, 2015.