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Richland Resources seeks funds to re-boot Capricorn sapphire mine

Richland wants to resume mining at Capricorn or find a buyer for the project
sapphires
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Inventories are running low

Richland Resources Ltd (LON:RLD) remains focused on the re-start of mining at the Capricorn Sapphire project in Queensland.

The company was looking for strategic investors to secure the funding required to re-start mining while it was also looking for potential acquirers, said Anthony Brooke, Richland’s chief executive.

Richland has been preparing the ground at Capricorn pending sufficient funding being secured to recommence mining operations.

Test drilling to facilitate a more focused open pit operation and ultimately higher yield production was also planned.

Brooke added that the firm’s sightholder buyers and clients in Thailand were “keen for mining to restart” as inventories were running low and socially responsible sapphire sources were limited globally.

The miner reported an interim pre-tax loss of US$778,000 while revenues dropped to US$50,000 from US$1mln.

Post-period end, the company said it had drawn down and received the remaining £200,000 of a £300,000 secured convertible loan facility after receiving the first £100,000 during the first half.

Upon production recommencing, potential forward sales of blue rough production were “very positive”, Brooke said, with non-traditional sapphire cuts reportedly being “highly sought after” in the retail segment.

At 0.12p, Richland is valued at £0.7mln.

 

 

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