diamonds

BlueRock Diamonds has announced that volumes at Kareevlei are running at almost double the average monthly rates for 2018, leading to a consequent increase in the number of carats produced.

BlueRock Executive Chairman, Mike Houston, says:

“I am very pleased with the impact that our new CEO at Kareevlei and his team have made.

"Whilst the management team is conscious that there are a number of milestones to reach if we are to bring real value to our shareholders, the improved grade and price per carat achieved in H1 2019 is a strong indication of the potential of the Kareevlei resource. 

"The immediate impact of the new team gives us confidence in our ability to take production to the next level.

"Once we have achieved our key objective of operating the company profitably, which we expect to happen in the second half of 2019, we will explore how to increase production volumes further to the optimum level which the resource can comfortably sustain.

With all this in mind, we remain on track to meet our guidance targets for 2019 and 2020.

Overview

The board is satisfied with the recent progress made at Kareevlei.  

Since the new management team started in April 2019, operational performance at Kareevlei has been transformed.

Volumes are running at almost double the average monthly rates for 2018, leading to a consequent increase in the number of carats produced.

Smarter mining and the consequent lower dilution has also led to an improved grade and the increased volumes have resulted in the expected increase in the incidence of larger and higher grade stones.