August 17, 2010 / 1:29 PM / 7 years ago

UPDATE 1-Vaaldiam lowers FY production view at Brazilian mine

* Sees FY output of 15,000 carats at Duas Barras

* Q2 loss/shr C$0.02 vs C$0.05 last year

Aug 17 (Reuters) - Canada’s Vaaldiam Mining Inc VAA.TO lowered full year production outlook for its Duas Barras diamond mine in Brazil and said full production at the mine will resume by the third quarter.

The company is also preparing to upgrade and expand its resources at Duas Barras and is in discussions to buy additional properties, Vaaldiam said.

The company had shut its Duas Barras mine in November 2008 and its Chapada mine in July the same year, due to a weak diamond market and high operating expenses. [ID:nSGE63K0IR]

For the second quarter, Vaaldiam posted a narrower loss of C$1.7 million, or 2 Canadian cents a share, compared with net loss of C$2.2 million, or 5 Canadian cents a share, a year ago.

Vaaldiam said it now expects full year production of 15,000 carats at Duas Barras alluvial diamond mine, which is expected to increase to 40,000 carats in 2011.

In March, Vaaldiam had said it expected full year production of 20,000 carats at the mine.

Shares of the company closed at 30 Canadian cents Monday on the Toronto Stock Exchange.

Reporting by Arnika Thakur in Bangalore; Editing by Prem Udayabhanu

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