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.
Source:diamonds.net
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