Rockwell’s business rescue plan to be published by September 30
JOHANNESBURG (miningweekly.com) – The business rescue plan of troubled dual-listed alluvial diamond miner Rockwell Diamonds will be published by September 30.
The business rescue process for Rockwell’s three South African subsidiaries – Rockwell Resources, HC van Wyk Diamonds and Saxendrift Mine – is ongoing.
“The appointed business rescue practitioners are actively working alongside the companies’ management to prepare a business rescue plan, which will deal with all claims against the subsidiaries,” the company noted.
The business rescue process currently allowed the ramp-up of the flagship Wouterspan (WPC) operation, in the Middle Orange River region.
During the three months to May 31, volumes mined from the WPC ramp-up operation totalled 166 328 m3.
A total of 359 ct were recovered, including eight diamonds larger than 10 ct.
“All phases of the WPC plant have now been commissioned; however, some bottlenecks and design shortcomings have been identified and work is ongoing to address these,” Rockwell said in a statement on Tuesday.
The plant can now be run at a throughput rate that varies between 100 t/h and 150 t/h, depending on the type of gravel being treated, which, despite improvements, remains low.
Meanwhile, Rockwell reported a total comprehensive loss of $2.7-million for the quarter to May 31, primarily driven by no completed operations being conducted during the period and resulting in very few diamonds recovered to cover operational costs and overheads.
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