5th Jun 2014 11:35
LONDON (Alliance News) - BlueRock Diamonds PLC Thursday announced its first financial results for the 14 months to the end of 2013, covering the period since its incorporation in October 2012.
The diamond exploration and production company, which was admitted to the AIM market in September 2013, said that in the 14 month period it saw a net loss of GBP590,100, based on revenues of GBP14,985 and operating expenses of GBP605,085.
In March 2013, the company announced its investment strategy to acquire underperforming or dormant diamond mines in South Africa or sub-Saharan Africa, and in September, the company exercised an option over the Kareevlei kimberlite assets in South Africa.
Trial mining continued at the sites in February and in March the company said it had excavated a further roughly 70,000 tonnes of ore from the K1 and K2 pipes at Kareevlei since December and had encountered weathered kimberlite, the igneous rock known for containing diamonds, at expected lower levels.
The company added at the time that it has recovered its first diamonds from initial processing, but the volume processed was too small to be statistically significant. It plans to assess recovery on a continuous basis and will report findings in due course.
BlueRock shares were down 0.8% to 12.40 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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