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Bluerock Diamonds Plc

BlueRock Diamonds eyes move into profit as volumes pick up

Snapshot

“We have a comprehensive development plan to increase production and I look forward to providing further updates as we progress,” executive chairman Mike Houston said.

BlueRock

Quick facts: Bluerock Diamonds Plc

Price: £0.00

Market: AIM
Market Cap: £0.00
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  • Record production and grades in second quarter

  • New mining plan being implemented 

  • One-for-500 consolidation planned

  • BlueRock sells largest diamond to date for US$190,000

 

What BlueRock Diamonds does

BlueRock Diamonds PLC (LON:BRD) operates the Kareevlei diamond mine in South Africa, one of the top 10 highest value per carat diamond mines in the world.

The Kareevlei licence area covers 3,000 hectares and hosts five known diamondiferous kimberlite pipes.

 

How is doing

Grades and production from the Kareevlei diamond mine in South Africa hit a record in the second quarter of 2019.

Some 3,516 carats were produced after the amount of tonnes processed rose 130% to 78,759 tonnes at a grade of 4.46 carats per tonne (cpht).

Average sale prices were US$430/c with one 24.9 carat stone sold for a record US$190,000 in June.

 

What the boss says: Mike Houston, executive chairman

“The recovery of the largest diamond to date was an ‘exciting milestone’ and underpins why the company is confident about the potential of the Kareevlei mine.

“We have a comprehensive development plan to increase production.”

 

Inflexion points

Mike Houston, who took over as executive chairman in May, said the improved grade and price per carat achieved were a strong indication of the potential of the Kareevlei resource. 

He expects the miner to move into profit in the second half of the year with the focus thereafter how to increase production to the optimum level.

“Volumes are running at almost double the average monthly rates for 2018, leading to a consequent increase in the number of carats produced.

“Smarter mining and the consequent lower dilution has also led to an increase in the incidence of larger and higher grade stones.”

At 0.11p, the junior is valued at just £1.63mln

 

Watch

BlueRock Diamonds team on profit expectations and Kareevlei resource potential

BlueRock Diamonds PLC's (LON:BRD) Mike Houston and Gus Simbanegavi caught up with Proactive's Andrew Scott while in London soon after the release of the miner's second quarter update. Grades and production from the Kareevlei diamond mine in South Africa hit a record in the...

on 18/7/19

2 min read

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