Monday, August 8, 2011

Diamond windfall at Saxendrift, rights at Tirisano – Rockwell

TSX- and JSE-listed diamond-mining company Rockwell on Monday reported a diamond windfall, coupled to the news that its ownership of the Tirisano project is now official.

The company reported that it had hit a diamond-production jackpot on August 2 when it recovered 373 ct in one day, representing half of the budgeted monthly production at its Saxendrift operation in the Northern Cape.

New CEO James Campbell described this as the highest daily production since the company began mining five years ago.

Four large diamonds recovered on the bonanza day weighed 180, 94, 43 and 34 cts.

Saxendrift has a similar diamond distribution to both Rockwell’s upcoming Wouterspan and Niewejaarskraal projects, auguring well for similar windfall results to be achieved when the company eventually applies its improved diamond recovery processes at these sites.

With the long-awaited transfer of the Tirisano project in the North West also now validated in terms of Section 11 of South Africa’s Minerals and Petroleum Resources Development Act, the way is opened for Rockwell to restructure its senior debt with South Africa’s State-owned Industrial Development Corporation.

Official ownership brings with it the assurance that Rockwell will bring Tirisano’s first two production lines into commercial production by the end of the third quarter, which has the potential to create 200-plus jobs in the Ventersdorp region, where the local Mogopa community is the company’s broad-based black economic-empowerment partner.

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