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BlueRock's Soaring Sales Narrow 1H Loss

Sep 29, 2016 8:21 AM   By Rapaport News
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RAPAPORT... BlueRock Diamonds narrowed its loss in the first half of the year as a surge in revenue outweighed higher expenses.

Total loss was cut 5.5 percent to $403,306 (GBP 310,324) in the six months that ended June 30, the South Africa-focused diamond miner reported. Sales soared more than six-fold to $268,079 from $42,942, while operating expenses soared 43 percent to $671,199.

Production was lower than expected and the company spent the period preparing for operations to recommence following its operational review. This was delayed by the “unexpected and unwelcome” closure of its Kareevlei mine in South Africa by the Department of Mineral Resources in July, the miner said.
Tags: BlueRock, BlueRock Diamonds, Kareevlei, Kareevlei mine, Rapaport News, South Africa
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