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BlueRock Diamonds works to get back to pre-pandemic production levels

Snapshot

  • August grades well above the firm's internal target
  • Operations have resumed
  • New agreement to sell diamonds in Antwerp rather than locally
BlueRock

Quick facts: Bluerock Diamonds PLC

Price: 47.5 GBX

AIM:BRD
Market: AIM
Market Cap: £4.32 m
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What BlueRock Diamonds does

BlueRock Diamonds PLC (LON:BRD) operates the Kareevlei diamond mine in South Africa, one of the top 10 highest value per carat diamond mines in the world.

The Kareevlei licence area covers 3,000 hectares and hosts five known diamondiferous kimberlite pipes.

 

How it is doing

BlueRock announced in September the discovery of a 9.7 carat diamond with an initial independent valuation estimate of $75,000. 

In August it processed 41,000 tonnes of ore from the main pit of its Kareevlei mine in South Africa, with the diamonds mined improving significantly to an average grade of 5.1 carats per hundred tonnes (cpht).

The grade of diamonds recovered in August improved on the first half of 2020, where grades averaged 3 cpht. The grades were also “well above” the firm’s internal target of 4 cpht.

In July the AIM-listed firm raised £1.25mln to fast track growth plans and strengthen its balance sheet.

 

What the boss says: Mike Houston, executive chairman

"I am very pleased to be able to inform the market of the recovery of yet another high-value diamond. I note that high-quality run of mine diamonds have been recovered in addition to this high-value stone."

"As we make further progress mining from KV Main Pit, the frequency of recovering high-value stones is expected to continue to improve and further underpin the potential of the Kareevlei mine."

 

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