LONDON (Alliance News) - Richland Resources Ltd on Tuesday said it has started the commissioning of the Capricorn Sapphire plant in Queensland on schedule and expects the brand to be launched in the first quarter.
Gemstone producer and developer Richland said the plant refurbishment at the site has been completed and the commissioning has been initiated on schedule. The ramp up of mining operations at the site is underway and mining is on schedule to start in March.
It expects the first revenue from sapphire sales to flow through in the second quarter and will launch the Capricorn Sapphire brand in the first quarter.
"Today's start of the commissioning process of our sapphire project in Queensland is an important milestone for Richland in developing gemstone operations in Australia. Our proven track record in gemstone mining has enabled us to redevelop the Capricorn Sapphire project on time and to budget," said Richland Chief Executive Officer Bernard Olivier.
Richland shares were untraded on Tuesday, having last traded at 1.33 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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