Sunday, October 14, 2012
Rockwell Diamonds Revenue -20% in 2Q
Rockwell’s diamond sales were basically flat at $7.1 million (CAD 7 million) during the quarter, while its beneficiation revenue slumped 81 percent to $0.5 million (CAD 439,584). Rockwell has a joint venture beneficiation partnership with Steinmetz Diamond Group.
The company explained that its focus during the quarter was to drive efficient mining at its Saxendrift and Klipdam operations while most of the loss incurred was attributed to the Tirisano mine, which was temporarily closed in mid-July to implement a new right size plan. The company is currently constructing a fourth mine, Saxendrift Hill, which is scheduled to commence production by March 2013.
Group production rose 14 percent to 4,218 carats during the quarter.
During the first six months of the fiscal year, Rockwell’s revenue fell 18 percent to $14.8 million (CAD 14.5 million), while its loss expanded to $12.8 million (CAD 12.5 million), from $0.3 million (CAD 306,588) the previous year.