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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bluerock Diamonds Plc | LSE:BRD | London | Ordinary Share | GB00BKKJK954 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBRD
RNS Number : 3891C
BlueRock Diamonds PLC
13 April 2017
BlueRock Diamonds plc
("BlueRock" or "the Company")
Operational update
13 April 2017
BlueRock Diamonds plc, the AIM listed diamond mining company which owns and operates the Kareevlei mine in South Africa is pleased to give the following operational update.
Production volumes
Volumes of around our target of 1,250 tonnes per day have been achieved, albeit not consistently due to the continued exceptional levels of rainfall and to be expected commissioning issues arising from the plant laying idle for over 6 months. In March, the plant processed 9,310 tonnes and in April, so far, 3,330 tonnes from effectively 3 days of production until processing was halted by heavy rainfall on Thursday 6 April. We anticipate that now that the commissioning issues are largely resolved and once the rain finally subsides (we are nearing the end of the rainy season) we will be able to exceed our current monthly target of 25,000 tonnes per month.
Grade, value per carat and value per tonne processed
Since recommencing operations recovered grade has been improving from initially 1.53 cpht, where the lower grade was impacted by very wet kimberlite and the fact that this included some recovery from earlier stockpiles, to the most recent results of 3.02cpht. Further changes to the processing plant are being made which the board expects will show continued improvement to grade.
Our average diamond size is significantly higher than hitherto and we have been recovering approximately 4 times the number of stones in excess of 5 carats, including three diamonds over 6 carats with the largest being 9.5 carats. Accordingly, value per carat and, more importantly, value per tonne processed are significantly higher than achieved by the old plant configuration and at target volume levels would place Kareevlei into a healthy cashflow positive position. The price per carat of diamonds produced thus far during the April tender period have been estimated at over USD500, compared with our previous average of USD293 per tonne.
Although encouraged by these results it should be noted that the above figures are based on a relatively small sample size and the board is awaiting further production results before significantly adjusting core assumptions.
New opportunities
Although management remained focussed on the refinement of operations at its Kareevlei Mine, as mentioned in the announcement dated 17 March 2017, management are evaluating several new opportunities and have recently entered into detailed discussions regarding a previously unmined kimberlite prospect. The Company will make further announcements as appropriate.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Adam Waugh, CEO, commented "Whilst it is still early days and there is limited data to provide greater detail we are encouraged by our production results and recovery to date. We expect to provide greater detail at the end of April following the April tender results.
Enquiries: BlueRock Diamonds SP Angel Corporate plc Finance LLP Adam Waugh, CEO Nominated Adviser & awaugh@bluerockdiamonds.co.uk Broker Stuart Gledhill / Lindsay Mair +44 (0) 20 3470 0470
About BlueRock Diamonds plc (AIM: BRD)
BlueRock is a diamond mining company with activities in the Kimberley region of South Africa. BlueRock owns a diamond processing plant and the mining right over the Kareevlei Tenements in South Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
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April 13, 2017 02:00 ET (06:00 GMT)
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