BlueRock raises funds to restart Kareevlei
JOHANNESBURG (miningweekly.com) – To progress plans at its Kareevlei mine, Aim-listed diamond miner BlueRock Diamonds has raised £750 000, before expenses, through an equity placing.
It placed 16.87-million new ordinary shares at 4p apiece and secured an extension to its existing convertible loan note. The funds will be used to target production levels of 30 000 t/m at a reduced cost, as well as continuing to refine the Northern Cape-based processing plant.
In August, the mine suffered a weeks-long suspension ordered by the Department of Mineral Resources, after an inspection on July 6 unveiled required changes to processing plant procedures, guarding rails on the plant and trackless mobile machinery.
The company will continue to progress the identified remedial work to the processing plant in November and December. During this time, the plant will be tested using stockpiles prior to the recommencement of the drill and blast programme in mid-January 2017, following which it is expected that a steady stream of run-of-mine material will be available.
A gradual ramp-up of production levels during the first quarter of 2017 is expected to be complete well before the quarter end, as is the commissioning and installation of Kareevlei’s primary crushing circuit.
BlueRock CEO Adam Waugh said the company hoped to significantly reduce the cost per tonne of production, as well as improve recovered grade.
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