LONDON (Alliance News) - Richland Resources PLC Monday said it has started work on the refurbishment of its Sapphire project in Queensland, Australia and said it would change the name of its Australian operating subsidiary, along with the name of the Sapphire site.
Richland said the work on the Sapphire site will focus on re-commissioning the purpose-built alluvial processing plant, which was the largest plant of its kind in the southern hemisphere when it was first commissioned.
Richland has also changed the name of its Australian operating subsidiary to Capricorn Sapphire Pty Ltd and has rebranded the project to Capricorn Sapphire.
"The Queensland Government have efficiently reviewed all our submissions and awarded Richland with the necessary permissions to commence redevelopment work at the Capricorn Sapphire mine," said Richland Chief Executive Bernard Olivier.
The news gave Richland shares a boost in early trading, pushing them up 6.9% to 3.74 pence, enough to put it among the top ten risers on the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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