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BlueRock Diamonds confirms significant rise in production

Published: 07:47 13 Oct 2020 BST

Bluerock Diamonds Plc - BlueRock Diamonds confirms significant rise in production

BlueRock Diamonds PLC (LON:BRD) has confirmed a significant increase in production at the Kareevlei diamond mine, in the Kimberley region of South Africa.

A production report for the third quarter reveals a 34% increase with a new company record of 123,727 tonnes sorted, up from 92,483 tonnes in the comparative period on 2019.

Kareevlei yielded some 5,577 carats in the three-month period, up 40% from 3,973 in the same quarter last year. The grade was reported at 4.51 carats per hundred tonne (cpht).

READ: BlueRock forecasts big jump in 2021 production

Each key performance metric was marked as new company records.

"I am pleased to report a record quarter for three of our main KPIs: production, carats produced and grade,” said chairman Mike Houston in a statement.

“Volumes have been strong even though we are still using our old plant; this bodes well for the future. The increase in grade to 4.51 cpht is particularly pleasing as it follows a period of low grade whilst we concentrated on creating the Main Pit; we are confident that we will be able to meet or exceed our long term guidance of between 4.0 cpht and 4.6 cpht.”

Houston noted that BlueRock estimates the average price per carat as being down 10% on the 2019 period, once individual high-value stones are excluded – one higher value stone was sold for US$104,000 in the quarter whereas three were sold in Q3 2019 for a total of US$450,000.

He added: “I am also pleased to report that the expansion project is well underway and we fully expect the new plant to be commissioned by the end of the year as planned.  I look forward to updating the market as we progress."

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