Bluerock Diamonds shares dip despite Kareevlei Mine upgrade

After presenting at the UK Investor Magazine Summer Investor Evening, South African-focused diamond mining company Bluerock Diamonds PLC (LON: BRD) today announced an upgrade to the crushing circuit at the Kareevlei Diamond Mine.

The Company told investors that the installation of a larger cone crusher had been completed, and further upgrades had been made to the circuit. The circuit can now operate both the existing and new crushers simultaneously, and is able to manage what the Group sees as a likely increase in material flows.

Bluerock Diamonds said the new crusher began work yesterday and that it would be fully operational shortly.

Bluerock Diamonds comments

Mike Houston, Executive Chairman commented,

“We are pleased that the upgrade of the crushing circuit has been completed. We have taken the opportunity to make a number of improvements to the processing plant during the crusher shut down period and are confident that these improvements will have the desired effect in achieving our targeted level of production in the second half of the year. Our volume guidance for the year remains at 280,000 tonnes to 335,000 tonnes and, as previously
announced, we will refine our guidance following the end of Q3 after the reconfigured plant has been operational for two months.”

Investor notes

The Company’s shares have dipped 9.77% or 6.50p to 60.00p a share 02/08/19 14:47 BST. The Group’s p/e ratio and dividend yield are not available, their market cap is £2.04 million.

Elsewhere in the mining and minerals sector, recent updates have come from; Cora Gold Limited (LON: CORA), Serabi Gold PLC (LON: SRB), Kavango Resources PLC (LON: KAV), Ariana Resources plc (LON: AUU), Rio Tinto plc (LON: RIO) and Bushveld Minerals Limited (LON: BMN).


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Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.