LONDON (Alliance News) - BlueRock Diamonds PLC Tuesday posted a wider pretax loss for the first-half on the back of a rise in costs, despite posting a small amount of revenue.
BlueRock said its pretax loss for the six months to June 30 was GBP321,850 against USD190,929 a year earlier. The loss rose in line with its costs, up to USD344,092 from USD190,929, after it posted a small amount of revenue, USD22,242, in the period, having posted none the year earlier.
The company said it has made progress on trial mining of the kimberlite pipes at the Kareevlei Tenements and has completed the transfer of the mining rights for the site to its Kareevlei Mining Ltd subsidiary.
BlueRock is investing in the project to the tune of GBP400,000 and will finance the deal through the issue of convertible loan notes.
The group will issue the note at a conversion price of 11 pence per share.
BlueRock shares were trading 4.7% lower at 10.25 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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