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BlueRock Diamonds' decision to upgrade plant slows Kareevlei expansion, but guidance unchanged
StockMarketWire.com
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Diamond producer BlueRock Diamonds said a decision to upgrade elements of the plant at its Kareevlei diamond mine in South Africa had slowed the expansion project down slightly but had no impact on first-quarter output or annual guidance.
The crushing circuit was expected to be completed by the end of 2020 and commissioned in early January 2021, while the rest of the plan was expected to be installed in phases during the first quarter of 2021, the company said.
Guidance for Q1 2021 was to process 130,000 tonnes, 75% up on Q1 2020 of 74,000 tonnes, it added.
For the year 2021, production guidance of between 850,000 and 1,000,000 tonnes remained unchanged.
In a separate announcement, the company said it had completed its drilling programme, which had led to an increased provisional resource estimate at Kareevlei.
A final updated resource statement was now expected to be published in January 2021.
'The provisional resource estimate would provide for a mine life of a minimum of 10 years operating at our targeted annual rate of 1,000,000 tonnes of material processed a year,' the company said.
'The company expects to undertake further work in 2021 to prove the continuation at depth of the KV2 section of the Main Pit and to establish the true size of KV3 both of which are expected to increase the resource and the life of mine further,' it added.
At 9:03am: (LON:BRD) Bluerock Diamonds Plc Ord 1p share price was 0p at 47.5p
Story provided by StockMarketWire.com
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