BlueRock Diamonds PLC, owner of the Kareevlei mine in South Africa, said its production jumped 38% in the third quarter to a record and that the market for rough diamonds remained firm.
"With 7,682 carats produced, this has been another record quarter driven by quality high-grade kimberlite being mined and the new crushing plant providing a consistent feed to the old three-pan processing plant,” said executive chairman Mike Houston.
“It augurs well for the transition to the new four-pan plant, which will be completed during October.”
It produced 5,577 carats in the year-earlier quarter.
The AIM-listed company sold 6,887 carats, up 81%, in the third quarter and reported a 68% surge in the average price per carat, helped by the discovery four high-value diamonds.
"The grade and quality of diamonds has been very encouraging and as previously reported we discovered four high value diamonds during the quarter sold for over US$1mln, including a record 58.6 carat stone,” said Houston. “The size of this stone at more than double our previous largest stone supports the potential of the Kareevlei resource."
READ: BlueRock Diamonds sells 58 carat stone for US$585,000
"The market for rough diamonds has remained firm throughout the quarter with strong buyer participation at the South Africa tenders and a growing interest for Kareevlei diamonds as reflected in our average price of $554 per carat, the highest quarterly price achieved by the company.
“This average quarterly price has obviously been influenced by the four high value stones recovered, however, the year-to-date average price achieved is an excellent $486 per carat,” he said.