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Richland Resources Starts Production At Capricorn Sapphire Project

Tue, 19th May 2015 08:59

LONDON (Alliance News) - Richland Resources Ltd on Tuesday said sapphire production has started at the Capricorn Sapphire project in Queensland, Australia.

Richland said a staggered ramp-up to full commercial production at the site is now underway, with the first concentrate now processed at the project's alluvial processing plant.

The first sapphire sales under the Capricorn Sapphire brand are set to take place in June.

"I am very pleased to report that commercial production of sapphires has commenced following 10 months of intensive mine construction and development work. We will now conduct a staggered production ramp-up at the mine over the coming months," said Bernard Olivier, Richland's chief executive.

Shares in Richland were up 0.4% to 5.77 pence on Tuesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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