Richland Resources Ltd (LON:RLD) sold 278,270 carats of cut and rough sapphires produced from its Capricorn mine in Australia during the period from 4 November to the end of the year.
The sales generated US$183,399, in revenue and brought the total sales achieved in the fourth quarter of 2017 to just over US$545,000.
What’s more, significant sapphire stock remains available for sale when market demand improves and the Company's minimum reserve prices are met.
Meanwhile, Bernard Olivier has announced his intention to step down from the position of chief executive. Discussions as to the appointment of a successor remain ongoing, with chairman Ed Nealon temporarily assuming the reigns of shareholder communication.
"Whilst sapphire prices remain affected by buyers sourcing gemstones derived from illegal mining activity in Madagascar, we will continue to sell where our reserve prices are met, maintain a flexible production model and conduct exploration work to identify higher grade areas on our Capricorn Sapphire licence area,” Nealon said.
"I would like to thank Bernard for his significant contribution to the company from his early days as an exploration geologist through to his more recent role as chief executive officer, and I look forward to announcing his successor in the near future."