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BlueRock says ready to move on to commercial mining at SA’s Kareevlei

06 october 2014
BlueRock Diamonds said it is now ready to move on to commercial production after completing the trial mining period at its Kareevlei tenements, in South Africa’s Northern Cape Province.
Company executive chairperson Paul Beck said they also completed the transfer of the Kareevlei tenements to its subsidiary Kareevlei Mining.
Production at Kareevlei had to date indicated that both the predicted grade and dollar per carat value of the project were higher than initially projected.
Beck said the company had decided to invest in new plant and equipment to upgrade the existing facility at a total cost of about £400,000 ($648 000), including working capital requirements.
“To date, we have only scratched the surface of the Kareevlei tenements. We have removed only 10m of kimberlite from approximately 10 percent of the combined area of the adjacent K1 and K2 pipes,” he said.
“No work has been carried out on pipes K3, K4 and K5.”
Beck also said that since the progress update announced on 5 March 2014, the company had continued to recover diamonds and as at 30 June 2014 and 15 September 2014, BlueRock had 138.69 and 379.17 carats on hand, respectively.
He said the company had put its entire diamond inventory on hand as at 31 August 2014 of 327.3 carats for sale by tender. The parcels contained 1102 stones ranging in size up to 6.23 carats, with the majority of stones in the +5 sieve class.
The diamonds were offered for sale in a number of parcels, and attracted offers of $77,571 in total, resulting in an average price $237/carat.
The company accepted tender offers amounting to $58,305 and would re-offer the remaining stones, primarily the smaller stones, together with those produced in September, at a future tender.
Meanwhile, Beck also said that the company recorded an operating loss and total comprehensive loss of £321 850 ($521 218) during the six months ended June 30.
 
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished