Sunday, October 14, 2012

Rockwell Diamonds Revenue -20% in 2Q

Rockwell Diamonds reported that revenue fell 20 percent year on year to $7.6 million (CAD 7.4 ‎million) in the second fiscal quarter that ended August 31, 2012. The junior mining company ‎posted a loss of $4.3 million (CAD 4.2 million) compared with a profit of $2.1 million (CAD 2 ‎million) the previous year.‎

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. ‎

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