BlueRock Diamonds Reports Profitability

BlueRock Diamonds has announced that it operated profitably for the first time in the second half of 2019. The miner started operations in 2012.

The AIM-listed diamond producer, which owns and operates the Kareevlei Diamond

Mine in the Kimberley region of South Africa said its revenue was up 190 percent to £4.1 million ($5.4 million) for full year 2019. 

The miner sold 12,675 for the year, an increase of 118 percent over the 5,805 carats in 2018. On a quarterly basis, Q4 2019 saw an increase of 172 percent to 4,170 carats compared to 1,533 carats in Q4 2018.  

BlueRock also saw an increase in its average price per carat during Q4 and FY2019. For 2019, the per-carat price increased 24 percent to $415 (2018: $334) and for the quarter it rose 30 percent to $410 (2018: $316). 

“I am very pleased with the continued success at Kareevlei,” said Mike Houston, BlueRock executive chairman. “Having achieved the aggressive guidance for 2019 and operated profitably for the first time in the second half of 2019. We are proud of this key milestone, which is a testament to the implementation of the revised production strategy brought in by the company’s new management team in Q2 2019.”

BlueRock said it expects to report positive EBITDA and positive comprehensive income for

the second half of 2019 (excluding non-cash adjustments for IFRS 9 charges and movement in foreign exchange). 

The company said the first quarter of 2020 has started “satisfactorily” with expectations that, despite the impact of seasonal rains, it will meet its targeted production volumes for the quarter, which are significantly ahead of those achieved in Q1 2019.

Source: DCLA

BlueRock Diamonds Reports Profitability

BlueRock Diamonds has announced that it operated profitably for the first time in the second half of 2019. The miner started operations in 2012.

The AIM-listed diamond producer, which owns and operates the Kareevlei Diamond

Mine in the Kimberley region of South Africa said its revenue was up 190 percent to £4.1 million ($5.4 million) for full year 2019. 

The miner sold 12,675 for the year, an increase of 118 percent over the 5,805 carats in 2018. On a quarterly basis, Q4 2019 saw an increase of 172 percent to 4,170 carats compared to 1,533 carats in Q4 2018.  

BlueRock also saw an increase in its average price per carat during Q4 and FY2019. For 2019, the per-carat price increased 24 percent to $415 (2018: $334) and for the quarter it rose 30 percent to $410 (2018: $316). 

“I am very pleased with the continued success at Kareevlei,” said Mike Houston, BlueRock executive chairman. “Having achieved the aggressive guidance for 2019 and operated profitably for the first time in the second half of 2019. We are proud of this key milestone, which is a testament to the implementation of the revised production strategy brought in by the company’s new management team in Q2 2019.”

BlueRock said it expects to report positive EBITDA and positive comprehensive income for

the second half of 2019 (excluding non-cash adjustments for IFRS 9 charges and movement in foreign exchange). 

The company said the first quarter of 2020 has started “satisfactorily” with expectations that, despite the impact of seasonal rains, it will meet its targeted production volumes for the quarter, which are significantly ahead of those achieved in Q1 2019.

Source: DCLA

New Production Strategy Pays Off for Blue Rock

BlueRock Diamonds reported the first annual profit in its history, as sales grew amid increased production and a higher average price, the miner said Tuesday.

The improvement was the result of a new initiative the miner implemented at its Kareevlei deposit in South Africa to stabilize production and offset the impact of the rainy season, during which operations are difficult.

Revenue for the year nearly tripled to GBP 4.1 million ($5.4 million) from the sale of 12,675 carats, compared with 5,805 carats in 2018. The average price rose 24% to $415 per carat, as BlueRock mined from higher-value portions of the deposit, it noted. Total output was 14,033 carats, versus 6,247 carats the previous year, as the majority of production stemmed from the company’s higher-grade KV1 pipe. That figure fell within BlueRock’s guidance of between 13,000 and 15,000 carats.

“I am very pleased with the continued success at Kareevlei, having achieved the aggressive guidance for 2019, and operational profitability for the first time,” said BlueRock executive chairman Mike Houston. “We are proud of this key milestone, which is a testament to the revised production strategy…which focuses on stabilizing production ahead of maximizing the exploitation of the resource.”

Based on the results, the company intends to implement further changes in order to increase production and lower costs, Houston added. It also plans to raise its guidance for the 2020 fiscal year following finalization of these initiatives.

BlueRock began operations in October 2012, and listed with the London Stock Exchange in October 2013.

Source: DCLA

New Production Strategy Pays Off for Blue Rock

BlueRock Diamonds reported the first annual profit in its history, as sales grew amid increased production and a higher average price, the miner said Tuesday.

The improvement was the result of a new initiative the miner implemented at its Kareevlei deposit in South Africa to stabilize production and offset the impact of the rainy season, during which operations are difficult.

Revenue for the year nearly tripled to GBP 4.1 million ($5.4 million) from the sale of 12,675 carats, compared with 5,805 carats in 2018. The average price rose 24% to $415 per carat, as BlueRock mined from higher-value portions of the deposit, it noted. Total output was 14,033 carats, versus 6,247 carats the previous year, as the majority of production stemmed from the company’s higher-grade KV1 pipe. That figure fell within BlueRock’s guidance of between 13,000 and 15,000 carats.

“I am very pleased with the continued success at Kareevlei, having achieved the aggressive guidance for 2019, and operational profitability for the first time,” said BlueRock executive chairman Mike Houston. “We are proud of this key milestone, which is a testament to the revised production strategy…which focuses on stabilizing production ahead of maximizing the exploitation of the resource.”

Based on the results, the company intends to implement further changes in order to increase production and lower costs, Houston added. It also plans to raise its guidance for the 2020 fiscal year following finalization of these initiatives.

BlueRock began operations in October 2012, and listed with the London Stock Exchange in October 2013.

Source: DCLA

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Protect your most precious moments.

Value Assurance

We combine superior knowledge in the diamond and insurance industries to create market-leading cover at the right price.

Accurate Claims

Your claim is overseen by diamond experts and vetted by a leading diamond laboratory, ensuring your replacement is of the same quality.

World-class Cover

Your insurance is underwritten by certain underwriters at Lloyd’s. Lloyd’s is the world’s specialist insurance and reinsurance market

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HRD Announces new CEO

After a long period of uncertainty, HRD Antwerp is looking to the future with a new and ambitious CEO. Ellen Joncheere, formerly the General Manager at Fremach, will be the new CEO at HRD Antwerp as of January 20th. The current interim CEO, Michel Janssens, will be retiring next summer.

Ellen has worked in a wide range of other sectors, including the automotive industry and environmental services, where she has transformed companies and strengthened their market positions in the face of rapidly changing market situations. She plans to help HRD Antwerp overcome the obstacles currently in its path, as well as prepare the entire organization for the future.

Over the past few years, HRD Antwerp has focused its attention on its core services of certifying polished diamonds, providing professional training and developing technological devices to detect laboratory grown diamonds. This has involved reorganizing its global structure and hierarchy.

HRD Antwerp has diamond grading labs in Antwerp, Istanbul and Mumbai. The company also has representative offices and drop off locations in Dubai, Hong Kong, London, Madrid, Shanghai, Surat and Tel Aviv.

Source: DCLA