Record third quarter for diamond miner BlueRock
Aim-listed diamond junior BlueRock Diamonds has reported strong operational third-quarter results, setting records for three of its main performance indicators: production, carats produced and grade.
Despite still using its old plant, the operator of the Kareevlei diamond mine near Kimberley, in the Northern Cape, sorted a record 123 727 t in the third quarter, up 34% on the prior-year period.
In terms of carats produced, the miner managed to increase its output by 40%, up from the 3 973 ct produced in the third quarter of 2019, to 5 577 ct.
As for the grade of diamonds recovered, the miner also managed to increase this from the 4.3 carats per hundred tonnes (cpht) in the third quarter of 2019, to 4.51 cpht.
BlueRock executive chairperson Mike Houston describes the increase in grade as “particularly pleasing”. “ . . . [I]t follows a period of low grade whilst we concentrated on creating the main pit; we are confident that we will be able to meet or exceed our long term guidance of between 4 cpht and 4.6 cpht.”
BlueRock sold 3 803 ct at an average price of $330/ct, which is a 28% price decrease from the third quarter of 2019.
Houston explains, however, that the average price per carat is about 10% down on the comparative period in 2019, if higher value stones are excluded. “The price per carat in the third quarter of 2019 reflected the sale of four high value stones, which sold for a total of $450 000 and in the third quarter of 2020 we sold only one higher value stone, which was valued at $104 000.”
Further, Houston says that the expansion at Kareeevlei is well under way and that the new plant will be commissioned by the end of the year as planned.
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