BlueRock sells two large diamonds for more than $120 000
Aim-listed BlueRock Diamonds sold two large diamonds in the July tender, for a total of $121 716.
The diamonds were recovered from its Kareevlei diamond mine, in the Kimberley region of South Africa, the company notes in an operational and corporate update.
"I am pleased to report that, with drier weather conditions, the new plant is showing a marked improvement with July production just under 70 000 t, up from 48 000 t and 57 000 t in May and June, respectively.
“The overall development mining tonnes, although improving, remain behind target year to date and this is impacting on both the quality of ore and the grade.
“Nonetheless, we are seeing a steady upward movement in the grade and we are confident that the grade will be back to approximately four carats per hundred tonnes from September,” executive chairperson Mike Houston says.
A high level operational review by the Teichmann Group and a former De Beers team has identified opportunities for improvement, including minimising weather impacts, which are now being assessed.
BlueRock says it improved access to better quality kimberlite, which is resulting in an increase in the recovery of larger diamonds, as evidenced by the two large diamonds sold.
It further notes that, while the market has stabilised since the exceptionally strong first quarter, high-quality rough diamonds remain in demand.
Kareevlei's diamonds are posited to meet this criteria, and accordingly, its average price remained robust at $607/ct for the year to date.
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