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BlueRock Diamonds raises £750,000 to invest in South Africa mine

Wed, 02nd Nov 2016 11:07

(ShareCast News) - Explorer BlueRock Diamonds has raised £750,000 from an equity placing on AIM and a loan note extension in order to invest in its Kareevlei mine in South Africa.About 16.8m shares were issued of 1p each sold at 4p raised £675,000 and an extension to a convertible loan note raised a further £75,000.The proceeds are to be used to meet production target levels of 30,000 tonnes per month at a reduced cost as well as refine the company's plant in order to improve grades.Chief executive Adam Waugh said, "The funds raised will enable us to fully implement our plans for Kareevlei where we hope to significantly reduce the cost per tonne of production as well as improving our recovered grade."The company is particularly looking to buy primary crushing equipment to be installed during the first quarter of 2017, which is considered to be more cost effective than using external contractorsIt also seeks to mitigate the effects of drought conditions through the use of increased water recycling, while maintaining targeted production, but said that there is "no certainty that the company will be able to achieve the targeted tonnage and grade improvement" following the recent shut down of operations.South Africa's Department of Mineral Resources suspended operations at the mine in July, following an inspection that said the company has to change plant procedures, guarding rails and trackless mobile machinery at the site. It was reopened in August.Recommencement of the drill and blast programme will be in mid-January and it is expected that there will be a steady stream of run of mine material available.A gradual ramp up of production levels during the first quarter of 2017 is expected to be completed before the quarter ends.Shares in BlueRock Diamonds were down 24.81% to 5.07p at 1107 GMT.
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20 Sep 2018 13:33

BlueRock Diamonds Widen Interim Loss On Foreign Exchange Price Rises

LONDON (Alliance News) - BlueRock Diamonds PLC on Thursday reported a widened loss in the first half despite multiplying its revenue.In the six months ended June, BlueRock posted a pretax a

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24 Aug 2018 13:39

BlueRock Diamonds pleased with crushing circuit performance

(Sharecast News) - Diamond producer BlueRock Diamonds announced on Friday that its crushing circuit was now processing at or above its target production level of around 80 tonnes an hour, following the installation of a second cone crusher and the implementation of optimisation initiatives.

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17 Aug 2018 12:40

BlueRock Further Details Security Loan From Chairman And CEO

LONDON (Alliance News) - Mining company BlueRock Diamonds PLC on Friday released further details of the loan which forms part of a negotiation between BlueRock and its former chief of terms were a

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10 Aug 2018 12:15

BlueRock Diamonds reaches agreement with former chief executive

(Sharecast News) - BlueRock Diamonds said it had reached an agreement that will see former chief executive Riaan Visser's claim against one of the firm's subsidiaries be struck from the court roll.

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10 Aug 2018 11:12

Former BlueRock Diamonds CEO Agrees To Halt Subsidiary Liquidation

LONDON (Alliance News) - South-Africa focused mining company BlueRock Diamonds PLC on Friday said its former chief executive officer has agreed to halt liquidation proceedings for Kareevlei Mining

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7 Aug 2018 11:33

BlueRock Diamonds Says Former CEO To File To Liquidate Subsidiary

LONDON (Alliance News) - BlueRock Diamonds PLC said Tuesday its former chief executive officer will apply this Friday to place one of its company's operating subsidiaries in provisional in the

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29 Jun 2018 15:17

BlueRock Diamonds Annual Loss Widens Despite Production Boost

LONDON (Alliance News) - Diamond producer BlueRock Diamonds PLC said Friday it saw a widened annual loss despite reaching its two primary production objectives.Shares in BlueRock were up at

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31 May 2018 10:56

BlueRock Diamonds Nets GBP350,000 After Placing Shares To Fund Works (ALLISS)

LONDON (Alliance News) - BlueRock Diamonds PLC on Thursday said it has raised GBP350,000 in a discounted share placing to fund work at its KV01 operations in South Africa.The company placed

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31 May 2018 10:54

WINNERS & LOSERS SUMMARY: FirstGroup Swings To Loss, CEO Departs

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.----------FTSE 100 - up 4.7%. The Irish building materials company

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19 Mar 2018 17:33

BlueRock Diamonds Raises GBP500,000 Via Share Placing, Subscription (ALLISS)

LONDON (Alliance News) - BlueRock Diamonds PLC on Monday said it has raised approximately GBP500,000 through the issue of 33.3 million shares at a price of per

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14 Feb 2017 10:50

BlueRock Diamonds' shares up after Kareevlei operations update

(ShareCast News) - Shares in BlueRock Diamonds are up more than 5% thanks to a well-received update on operations at Kareevlei, its licence area in the Northern Cape of South Africa. The licence area contained five known kimberlite pipes. "The first blast of the current series was completed success

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6 Feb 2017 15:48

BlueRock Diamonds works through 'frustrating' delay

(ShareCast News) - BlueRock Diamonds updated the market on operations at Kareevlei, its licence area in the Northern Cape of South Africa containing five known kimberlite pipes, on Monday. The AIM-traded firm said significant recent rainfall caused some delays to the recommencement of operations, bu

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6 Feb 2017 11:21

BlueRock Diamonds Says Kareevlei Restart Hampered Further By Rainfall

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9 Dec 2016 14:26

BlueRock Diamonds enters agreement with John Kilham

(ShareCast News) - BlueRock Diamonds announced on Friday that, following the resignation of John Kilham on 19 October, the company announces that it has entered into an acquisition and settlement agreement with Kilham in order to resolve outstanding matters. The AIM-traded firm said that, under the

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