4th Aug 2022 12:43
(Alliance News) - BlueRock Diamonds PLC on Thursday reported a marked increase in diamond production during July and announced the sale of two large diamonds.
The diamond producer explained that weather improvements had increased production during July, with diamonds produced increases to 70,000 tonnes from 57,000 tonnes the previous month.
Overall development mined tonnes were improving, BlueRock added, though they remain behind target in the year to date. The firm said it expects the grade will be back to 4 carats per hundred tonnes in September.
In its July tender, two diamonds were sold for a total of USD121,716, averaging over USD9,000 per carat. The company said that the market had stabilised since its "exceptionally strong" first quarter, but added that high quality rough diamonds remain in demand.
The firm's average price stood at USD607 per carat for the year-to-date.
Looking forward, Chair Mike Houston said: "There appears to be a number of good opportunities to both improve and de-risk the Kareevlei operation, particularly in poorer weather conditions, and these are being reviewed with additional investigatory work being completed."
BlueRock owns and operates the Kareevlei diamond mine in the Kimberly region of South Africa.
Shares in BlueRock were up 0.6% at 8.05 pence on Thursday in London.
By Heather Rydings; [email protected]
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