BlueRock raises £500 000 to expand mining activities
JOHANNESBURG (miningweekly.com) – Aim-listed BlueRock Diamonds has raised about £500 000, before expenses, through the issue of 33.33-million shares of 1p each.
Each new share issued will be accompanied by a warrant to subscribe for a further new share at a price of 3p.
BlueRock will use the larger part of the proceeds to develop and expand its mining activities, which have, to date, been centred around Pipe 2 at its Kareevlei diamond mine in Kimberley, in the Northern Cape.
The company will start preparing Pipe 1, which has a similar geology to Pipe 2, and incorporate it into the mine plan.
The closest point of Pipe 1 is 40 m from Pipe 2. Pipe 1 is also similar in size to Pipe 2, but has an inferred grade of 6.3 carats per hundred tonnes (cpht) – 40% higher than the inferred grade of Pipe 2, which has an inferred grade of 4.5 cpht.
Having established that the company is able to mine Pipe 2 profitably, the BlueRock board is taking measures to enhance the company’s profitability, by seeking to increase the recovered grade at Kareevlei from the current expectation of between 3.5 cpht and 4.5 cpht, as well as ensure that the 2018 production target of 275 000 t remains at the bottom end of the company’s range of expectations.
“Opening up Pipe 1 will offer us flexibility in our mine planning as operations expand at Kareevlei. These funds will allow us to do the necessary preparation to Pipe 1 and put us in a position to be mining kimberlite from Pipe 1 during the third quarter of this year,” stated BlueRock CEO Adam Waugh.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation