LONDON (Alliance News) - Diamond producer BlueRock Diamonds PLC said Friday it saw a widened annual loss despite reaching its two primary production objectives.
Shares in BlueRock were trading up 16.4% at 1.37 pence each.
For 2017, the company posted pretax loss of GBP1.2 million compared to GBP495,493 in 2016, as it doubled operating expenses to GBP2.3 million.
Revenue increased to GBP945,924 from GBP239,646 in 2016.
The company said during 2017 it reached its two primary goals, the first one being the achievement of its targeted monthly volume of 25,000 tonnes in November.
"We processed a total of over 153,000 tonnes in the year, a significant improvement over the 56,439 tonnes processed in 2016," the company said.
The second goal was reaching operational profitability of its subsidiary Kareevlei Mining Ltd.