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Bluerock Diamonds Plc

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Market:
AIM
Market Cap:
£3.71 m
Price
114.00 GBX
Change
-1.30%
52 weeks high
199.95
52 weeks low
41.00

Black Economic Empowerment

The South African mining industry is subject to black economic empowerment requirements which arise from the equality provisions of the Constitution and the Mineral and Petroleum Resources Development Act. The DMR has published and implemented the Broad Based Socio-Economic Empowerment Charter, September 2010 (“Mining Charter”) which is applicable to all mining companies operating within South Africa. The most significant element of the Mining Charter is the ownership requirement which stipulates that mines must commit to obtaining 26%. effective ownership by historically disadvantaged South Africans (“HDSAs”) by 2014.

Kareevlei Mining is 74% owned by BlueRock, with the remaining 26% owned by a Kimberley based company, Ghaap Mining (Pty) Limited (“Ghaap Mining”). Ghaap Mining is a South African private company wholly owned by Mr. William Alexander van Wyk who, in terms of South African legislation is considered to qualify as an HDSA.

Kareevlei Project

Kareevlei Mining holds the Mining Right over 3000 hectares in the Northern Cape province of South Africa, approximately 100 kilometres North West of Kimberley.

There are five known diamondiferous kimberlite pipes ranging from <0.5 hectares to 5.6 hectares.  The Inferred Mineral Resource is based on three of the pipes, K1, K2 and K3.  K4 and K5 are the smallest two pipes and have had very limited work carried out.

Mining operations started in 2015 on K2, following an open pit mining plan to mine to a depth of 70m below surface.  Mining at K1, which is 50 metres from K2, is expected to start in 2018 and will be mined in conjunction with K2.

Diamonds

Kareevlei produces very high quality diamonds.  The average value of all diamonds sold from Kareevlei exceeds USD300 per carat placing Kareevlei into the top 10 kimberlite mines in the world (ranked by average value per carat).

The Board

The Board consists of two executive directors and two non executive directors:

Mike Houston - Executive Chairman
Michael Houston is a mining veteran with over 30 years' experience in Africa having worked with companies including Anglo American (Executive roles), Shanta Gold (CEO) and Zimplats Holdings (CEO/COO).  He has also worked on a consultancy basis supporting a number of companies with various project reviews and due dilligence.

David Facey - Finance Director
David is a Fellow of the Institute of Chartered Accountants of England and Wales and has over 20 years experience in Corporate Finance and Equity Capital Markets. After working at  PwC, David spent 10 years at HSBC Investment Bank, where he specialised in raising funds in the UK for companies all over the world, particularly in the EMEA region.

Throughout his career David has advised governments, large corporates and smaller enterprises on public fund raising, private fund raising and mergers and acquisitions.  In addition, David was a founding partner in SP Angel, an investment banking boutique specialising in advising SMEs on raising funds in the London market, both public and private.

 

BlueRock Diamonds plc

United Kingdom


David Facey

4th Floor Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS

South Africa

Adam Waugh

Kareevlei Mining

Wesselton Village

off Old Boshoff Road

Kimberley

South Africa

RSA: +27 087 808 6116

Nominated Adviser and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill

+44 (0) 20 3470 0470

Joint Broker

Turner Pope Investments
Lewis Jones

+44 (0) 20 3786 7299

Communications and Investor Relations

St Brides Partners

Melissa Hancock/Juliet Earl

+44 (0) 20 7236 1177

Click here for further infromation 

Nominated Adviser and Joint Broker

SP Angel Corporate Finance LLP

35-39 Maddox Street

London, W1S 2PP

Joint Broker

Turner Pope Investments

6th Floor, Becket House

36 Old Jewry

London, EC2R 8DD

Auditors

BDO UK LLP

55 Baker Street

London W1U 7EU

Solicitors to the Company as to English law

Irwin Mitchell LLP

40 Holborn Viaduct

London EC1N 2PZ

Solicitors to the Company as to South African law

Mervyn Taback Inc

13 Eton Road

Parktown

Johannesburg 2198

Competent Person

Z Star Mineral Resource Consultants (Pty) Ltd

PO Box 336

Steenberg 7947

South Africa

Registrars

Share Registrars Limited

Suite E, First Floor

9 Lion and Lamb Yard

Farnham

Surrey, GU9 7LL