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Richland says TanzaniteOne H1 revenue tumbles, illegal mining rages on

24 september 2014
Richland Resources, which now co-owns TanzaniteOne Mining with the State Mining Corporation of Tanzania (Stamico), said the company’s earnings before interest, taxes, depreciation and amortisation dropped from $200,000 in the first half of 2013 to a loss of $800,000 in the half-year ended June 30, 2014.
TanzaniteOne’s revenue eased to $3.8-million during the same period under consideration from $7.5-million gained in the first half of last year. Its net loss after tax also widened to $1.2-million over the period.
The group said the results for the half year reflect the joint venture's results and are not directly comparable to the results for the half year ended June 30, 2013, when it wholly owned the mine.
Meanwhile, company said despite the continued operational challenges in the first half of the year, the JV achieved production totalling 2,348,024 carats from the processing of 13,169 tonnes of material at an average recovery grade of 178 c/t. This represents a 53 percent increase in the carats produced compared with the first half of 2013.
However, despite the mining optimisation and increase in production and grade, the company remained impacted by the illegal mining activities, resulting in a decrease in the quality and value of the tanzanite.
"We shall continue to monitor the local security situation in Tanzania, as well as government's willingness to make the whole of our licence area safe for workers," said Richland chief executive Bernard Olivier.
Richland was working with the Tanzanian Ministry of Energy and Minerals’ Zonal Mines Office, police and other government officials to stop the illegal mining.

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