BlueRock Diamonds PLC Corporate & Operational Update & Notice of Results (3354P)
June 17 2022 - 8:15AM
UK Regulatory
TIDMBRD
RNS Number : 3354P
BlueRock Diamonds PLC
17 June 2022
BlueRock Diamonds PLC / AIM: BRD / Sector: Natural Resources
17 June 2022
BlueRock Diamonds PLC ('BlueRock' or the 'Company')
Corporate & Operational Update & Notice of Results
BlueRock Diamonds PLC, the AIM listed diamond producer,
announces a corporate update in respect of the funding of its
operations at its Kareevlei Diamond Mine ('Kareevlei') in the
Kimberley region of South Africa.
Further to its announcement of 1 June 2022, the Company has been
progressing discussions with its major shareholder, Teichmann, and
alternative providers of finance to secure additional funding for
the Company as it continues to invest in developing Kareevlei.
While these funding options are progressed, the Company's principal
mining contractor, Teichmann South Africa (PTY) Ltd, an affiliate
of Teichmann Group, has agreed to KVL holding off for a short
period on certain contractual costs without prejudice to the
contract terms and this sum stands at approximately GBP600,000 .
Further updates will be provided as appropriate.
Operationally, the mining has benefitted from the recently
improved weather. From the second week in June, a better-balanced
drier material has been feeding the processing plant, which has had
an immediate impact on processed tonnage throughput and has enabled
the plant to operate at design capacity over several days, although
grade has remained inconsistent with the continued mine development
work. Whilst this uptick in performance is pleasing, it will not
materially impact June diamond sales, with the latest tender taking
place this week reflecting poorer operational performance in
May.
The Company expects to publish its annual results for the year
ended 31 December 2021 during the week commencing 27 June 2022 and
its next quarterly production update in mid-July 2022.
BlueRock Executive Chairman, Mike Houston, said, "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. The major focus of the operation at present is grade
control in the mine and sustaining these higher volumes through the
processing plant.
"We are continuing to progress financing discussions and will
update the market once these have been finalised."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
**ENDS**
For further information, please visit BRD's website
www.bluerockdiamonds.co.uk or contact:
BlueRock Diamonds PLC
Mike Houston m.houston@bluerockdiamonds.co.uk
David Facey, FD dfacey@bluerockdiamonds.co.uk
SP Angel (NOMAD and Broker)
Stuart Gledhill / Caroline Rowe Tel: +44 (0)20 3470 0470
-----------------------------------
St Brides Partners Ltd (Financial
PR) bluerock@stbridespartners.co.uk
Isabel de Salis / Oonagh Reidy
-----------------------------------
Notes to editors:
BlueRock Diamonds is an AIM-listed diamond producer which
operates the Kareevlei Diamond Mine near Kimberley in South Africa
which produces diamonds of exceptional quality and ranks in the top
ten in the world in terms of average value per carat. The Kareevlei
licence area covers 3,000 hectares and hosts five known
diamondiferous kimberlite pipes with a combined inferred resource
of 10.4 million tonnes / 516,200 carats (February 2021); based on
its planned production of 1 million tonnes per annum, this provides
a minimum 10-year life of mine.
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