Rapaport News




Advanced search
Latest Articles
Rough Markets
Polished Markets

BlueRock Set to More Than Double Production

Miner expects output of 34,000 to 46,000 carats in 2021.
Sep 30, 2020 6:01 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

BlueRock Diamonds expects output to more than double in 2021 amid the expansion of its Kareevlei mine in South Africa, it said Tuesday.

The company plans to produce between 34,000 and 46,000 carats next year, compared with 13,800 to 18,000 this year. Prior to the coronavirus pandemic, the miner had forecast total output of only 16,000 carats to 21,500 carats for 2020. The guidance for 2021 is subject to change if there is a resurgence of Covid-19 cases and the mine shuts again.

BlueRock has also lowered the expected value for its rough, believing it will fetch $330 per carat, as opposed to the $420 per carat it achieved pre-pandemic.

“The conservative value per carat assumes that the market will remain under pressure through much of 2021,” the miner noted.

The company’s loss widened to GBP 2.7 million ($3.5 million) for the six months ending June 30, compared with a loss of GBP 381,027 ($488,502) a year ago. While much of the loss was a result of the 50-day closure during the pandemic, it was also due to expenses related to the mine’s expansion, as well as heavy rainfall during the first three months of the year, which prevented the mining of higher-grade ore, BlueRock stated. Revenue fell 5% to GBP 1.3 million ($1.7 million) for the period. 

Image: Rough diamonds. (BlueRock Diamonds)
Tags: BlueRock, BlueRock Diamonds, Kareevlei mine, Rapaport News, South Africa
Similar Articles
Lucapa Mothae parcel 140Lucapa Sells Mothae Rough for $5.6M
Jan 11, 2021
Lucapa Diamond Company has sold $5.6 million worth of rough...
Gem Diamonds Unearths 147ct. Rough
Lucara Receives 25-Year Karowe License
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us