LONDON (Alliance News) - BlueRock Diamonds PLC Friday posted a pretax loss in the half year to June 30, as it ramps up to begin production at a new acquisition.
The diamond miner, which joined AIM this month, posted an initial pretax loss of GBP241,000. The company said that since its incorporation it had been focused on evaluating investments in the diamond-mining sector in South Africa.
In September, BlueRock acquired for ZAR4 million a 74% stake in Kareevlei Tenements, which comprises a mining licence and some plant.
The company said that the plant it had acquired was sufficient to process 25 tonnes per hour which could be increased to 100 tonnes per hour with some capital expenditure. The company raised GBP510,000 in its initial public offer, and raised a futher GBP1.3 million to acquire Kareevlei Tenements.
"I am delighted with the progress the Company has made in its short history and look forward to bringing the Kareevlei mine into production," said Chairman Paul Beck in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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