BlueRock Diamonds PLC - diamond producer focused on South Africa - Since the start of June, is progressing discussions with major shareholder Teichmann and other provider of finance to secure additional funding to continue developing the Kareevlei diamond mine in Kimberley, South Africa.
In the meantime, mining contractor Teichman South Africa Pty Ltd has agreed to hold off for a short period on certain contractual costs, which adds up to GBP600,000.
Meanwhile, on operational costs the mining had benefited from the recently improved weather, with a better-balanced drier material feeding the processing plant, which makes an immediate impact on processed tonnage throughput.
"We are making steady progress on the mining front and are now in a position where we are not required to feed the lower-grade, poor quality stockpiled material but can use a more consistent higher-grade feed. This dry, higher quality feed has enabled us to push the processing plant to the targeted capacity and with that build confidence at running at what are significantly higher production levels," says Executive Chair Mike Houston.
Current stock price: 18.00 pence
12-month change: down 59%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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