For the year to December 2016, Richland Resources Ltd (LON:RLD) delivered US$1.35mln in revenues from continuing operations, up significantly on the US$700,000 booked in 2015.
The rise came as the company’s second year of sapphire production from its assets in Queensland consolidated cash flow.
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Losses ran at US$3mln during the year, but costs have now halved as Richland has moved out of the development phase, and were running at approximately US$0.78 per carat at the end of the fourth quarter.
During the period the company produced 2,674,536 carats of sapphire from the processing of 190,060 tonnes of alluvial gravels at an average grade of 14.1 carats per tonne.
Post-period end, Richland raised £1mln.