Bluerock Diamonds sells 12.2 carat diamond for US$105,000
The diamond is BlueRock's second most valuable diamond recovered to date
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The diamond is BlueRock's second most valuable diamond recovered to date
The miner should move into profit in the second half of the year with the focus thereafter how to increase production to the optimum level.
AIM-listed miner said moving its mining focus to a new area in the second half of the year saw more consistent and higher grades, which has continued into 2019
If exercised the option deal will leave Richland as a shell company on AIM.
The sale "showcases the potential" of the Kareevlei mine.
"This record recovery of such a high-quality diamond is an exciting milestone and underpins why we are so confident about the potential of the Kareevlei mine," said executive chairman, Mike Houston.
“The capital raised will allow management to make further improvements and importantly de-risk the business.”
Analysts had cautiously expected the diamond to go for at least US$25mln, given that a 507-carat stone from Cullinan fetched US$35mln back in 2009
The gemstone developer also provided a strategic update for its Capricorn sapphire mine in Queensland, Australia, saying that it was currently in discussions, with one party in particular, regarding a potential sale of the entire site
The AIM-listed group said the makeable yellow diamond was recovered together with a 22 carat makeable white stone, and an 11 carat fancy light-pink stone
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It pointed out that, although this is slightly later than had been anticipated, it has not had any material impact upon published guidance for production volume in the first-quarter
The per carat price of the pink diamond, which was recovered last month, was US$657,000 – a record for a stone found at Gem’s Letšeng mine in Lesotho
The miner said the 8.97-and 16.28-carat diamonds had been sold for US$74,513 and US$78,947 respectively
The AIM-listed diamond producer, which owns and operates the mine, pointed out that this will be the third stone independently valued in excess of $50,000 recovered from Kareevlei
The AIM-listed diamond producer, which owns and operates Kareevlei, also reported that the individual involved in the accident is expected to make a full recovery
Analysts said while they remained “cautiously optimistic” of a recovery, the US$94 per carat diamond price from the mine in the period was “well below” their own estimates of US$132
Like-for-like rough diamond prices at the flagship Cullinan mine fell 4% compared to the second half of 2018 due to what it said was “usual seasonal weakness” while the product mix in the period had yielded prices at the lower end of histor
The company said it had met with the Department of Mineral Resources to discuss the matter and was amending its code of practice as required before a review on Friday
The updates to the resource include a 2.2% increase in carats and a 5.4% increase in grades