Thursday, April 3, 2014

Rockwell Diamonds 4Q Sales +69%

Rockwell Diamonds Inc. reported that diamond sales, excluding beneficiation, rose 69 percent year on year to $12.1 million in the fourth fiscal quarter that ended on February 28. Total carat sales  increased 81 percent to 9,596 carats. Rockwell’s rough diamonds received an average price of $1,264 per carat, 7 percent lower than the average price per carat in the same period one year ago.

Diamond production at the company’s three operating mines in South Africa grew 39 percent to 2,676 carats, while total production rose 74 percent to 6,717 carats in part due to royalty agreements with contract miners. The average size of recovered rough diamonds more than doubled over the year to 4.6 carats.

The mining company’s operations are focused on developing alluvial diamond deposits in South Africa’s Middle Orange River region.

Management said that it had reviewed cost-effective ways to renew its aging transportation fleet and is now looking for financing options. Rockwell said that it plans to expand both production volume and the recovery of large diamonds going forward.

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