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BlueRock Diamonds more than doubles 2019 revenue

23 june 2020
Image credit: BlueRock Diamonds

BlueRock Diamonds, which owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa, has more than doubled its revenue for the year 2019.
The Aim-listed diamond company said its revenue leaped 190% to £4.1 million in the year ended 31 December 2019 compared to £1.4 million, a year earlier. 
It sold 12,675 carats during the year under review, a 124% jump from 5,657 carats in 2018. 
Its average price per carat also jumped 24% to $415 per carat from the previous year’s $334.
“The prices for our diamonds were stable for much of the year and BlueRock with its high-quality diamonds continued to build its brand,” it said.
Meanwhile, BlueRock production volume was also up 70% to 323,000 tonnes compared to 190,000 tonnes, a year earlier.
Its average grade rose 32% to 4.34 cpht from 2018’s 3.28 cpht.
“Total ore mined was 60% up on 2018 with the majority of ore for the year mined out of KV1,” said BlueRock.
“In developing KV1 we have established it is approximately 25% bigger in surface than declared in the Resource Statement set out in the Competent Person’s Report dated August 2013.”
The group said it has put in place a new sales channel in the most liquid diamond market in the world and amended its operating strategy to align mining activity with the revised levels of activity to minimise near time cash costs without endangering the long term future of the mine.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished