Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
BlueRock Diamonds said it expected to generate a profit in the second half of the year after the miner revealed that diamond production hit a record in the second quarter of the year.
The company said production had increased to a record of 3,516 carats in the second quarter, up carats 400% from a year earlier processed tonnes of 78,759 tonnes, up 130%.
The company also turned in record grade of 4.46cpht, up from 2.45cpht seen last year, and the average price achieved of US$430 a carat on sales of 2,517 carats was up from 875 carats sold at US$305 a carat seen last year.
In June, the company sold a 24.9 carat stone sold for a record US$190,000.
BlueRock said it would seek to ramp up production after produces a profit, which was expected to occur in the second half of the year.
'Once we have achieved our key objective of operating the Company profitably, which we expect to happen in the second half of 2019, we will explore how to increase production volumes further to the optimum level which the resource can comfortably sustain. With all this in mind, we remain on track to meet our guidance targets for 2019 and 2020,' the company said.
At 9:23am: (LON:BRD) Bluerock Diamonds Plc Ord 1p share price was +0.01p at 0.11p