22nd Jun 2015 07:27
LONDON (Alliance News) - Richland Resources Ltd Monday said it will delay its first sapphire sale to the third quarter of 2015, news which follows a consultation with sightholders.
Richland Resources, which is developing the Capricorn Sapphire project, said it will hold a product display and education session on its first recovered sapphires at the time of the Hong Kong Jewellery show between June 25-28.
The company said an intermittent electrical fault had restricted processing recoveries over the initial month of operations, resulting in the decision to commence with a product display and education session. The fault has since been rectified, the company said.
"At the end of June we shall be able to showcase the first sapphires recovered from the Capricorn Sapphire mine. We have taken the decision not to make the event a formal sight as the quantity of gemstones is not sufficient for the type of marketing profile we wish to build with customers," Chief Executive Bernard Olivier said in a statement.
"Whilst it is disappointing, start-up issues like this forms part of a rapid mine redevelopment process as we continue our start-up and ramp-up phase. However I believe the best way to solve these issues are to identify and rectify them while in operation," Olivier said.
Shares in Richland Resources were down 9.5% at 4.75 pence on Monday shortly after the market opened in London, one of the worst performers in the AIM All-Share.
By Samuel Agini; [email protected]; @samuelagini
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