Alexkor, South Africa’s government-owned diamond mining company, has posted its first operating profit in five years, miningweekly.com reports.

According to Alexkor CEO Khetiwe McClain, the company increased diamond production by 20% and garnered a net profit of just over $11 million.

McClain, who presented the latest financial results on Monday, said that Alexkor would focus on opportunities to acquire new diamond mining ventures and is looking into possible partnerships with the Industrial development Corporation and the Development Bank of Southern Africa.

Moreover, McClain said, Alexkkor was considering cutting and polishing its own diamonds and hopes that a cutting and polishing facility could be established in the economically depressed Northern Cape as part of a broader beneficiation program.