HomeDiamonds & GemstonesRecord production for Tanzanite One

Record production for Tanzanite One

Tanzanite One’s
Merelani mine
at night
London, England — MININGREVIEW.COM — 03 October 2008 – Tanzanite One Limited – the AIM-listed producer of one of the world’s rarest gems – has announced record production of 1.8 million carats of tanzanite for the nine month period to September 2008.

Making this announcement here, the company pointed out that this production figure represented an increase of 57% above the 1.16 million carats it had produced during the corresponding period in 2007.

The Tanzanite One announcement said this significant increase in recovered production was the direct result of the company’s revised mining strategy, which had begun implementation in early 2007. The new strategy was focused on undertaking multi-face mining, selective stope mining and improved security at its operations in Tanzania

Commenting on this strong progress, managing director Zane Swanepoel said: “The record 1.8 million carats we have achieved so far this year is a clear demonstration that our mining strategy is delivering results and maintaining grades, even as we move to higher tonnages with the introduction of stope mining. I am confident we will comfortably exceed the two million carat production target for the year, and that we are well on our way to reaching our stated goal of 3.1 million carats by 2011,” he added.

Last month Gemfields Resources plc – majority-owned by Pallinghurst Resources, which has the rights to the Faberge luxury goods brand – announced a US$61.31 million (R490 million) takeover proposal of Tanzanite One in a move aimed at expanding its range of products from emeralds. In response, Tanzanite outlined expansion plans and vowed to fight a takeover bid by its bigger rival.