AIM-listed diamond producer, BlueRock Diamonds, which owns and operates the Kareevlei Diamond Mine in South Africa produced 5,442 carats during the second quarter of 2021, an increase of 117% compared to 2,510 carats, a year earlier.
It sold 5,106 carats during the quarter, a 112% jump from 2,413 during the same period in 2020.
"It is difficult to compare production and sales numbers versus 2020 where COVID-19 impacted materially on the operations and the market,” said BlueRock executive chairperson Mike Houston. “However, the second-quarter figures are very pleasing with the tonnes processed a record and achieved whilst the operation is transitioning to the new plant.”
“Furthermore, the grade has been consistent and the average size and quality of diamonds excellent as reflected in the sales price achieved.”
The company executive chairperson said BlueRock Diamonds will continue to develop the main pit in preparation for the projected higher tonnages in the second half of the year once they have commissioned the new plant, which will enable to hit their run-rate production target of 1Mtpa and annual revenue of about $16 million assuming a grade of 4 cpht and an average sale price of $400 per carat.
Meanwhile, BlueRock said the market has remained firm throughout the quarter with a strong buyer presence at the local tenders and a robust demand for the Kareevlei product.
“The overall market outlook is positive with a tightness on the rough diamond supply side and a growing retail sector as global economies continue to open up,” said Houston.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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