BlueRock Diamonds PLC Operations and Corporate Update (9722M)
17 1월 2023 - 5:45PM
UK Regulatory
TIDMBRD
RNS Number : 9722M
BlueRock Diamonds PLC
17 January 2023
BlueRock Diamonds PLC / AIM: BRD / Sector: Natural Resources
17 January 2023
BlueRock Diamonds PLC ('BlueRock' or the 'Company')
Operations and Corporate Update
BlueRock Diamonds Plc (BRD), the AIM listed diamond producer,
which owns and operates the Kareevlei Diamond Mine ('Kareevlei') in
the Kimberley region of South Africa, announces an update on
operational and corporate activity.
Operations update
Overview
Waste stripping increased in December as the mining activities
returned to normal after the focus on ore from KV2 to feed the
plant to determine the realistic plant capacity. The strip ratio
increased to 2.78 in the month and 3.49 YTD.
Production and market
Production was below target due to the mine being closed over
Christmas and New Year. Arrangements were made for a diamond tender
in December in order to facilitate the cash flow for the month. The
previously reported decrease in diamond prices continued, however
December revenue was not significantly lower than management
forecast.
Corporate update
Loan Note - M Poole and T Leslie
The outstanding balance due under the notes is GBP361,667
(GBP130,417 held by Mr Poole and GBP231,250 held by Mr Leslie).
Attempts to reach an agreement with Mr Leslie have so far been
unsuccessful and a Notice of Statutory Demand has now been served
on BRD by Mr Leslie.
Mr Leslie notified his intention to present a winding-up
petition should the amount outstanding on the Loan Note not be
settled by 13th January 2023. BRD has written to Mr Leslie's
solicitor seeking further discussions and is waiting for a
response.
Kareevlei facility - Teichmann South Africa ("TSA")
The amount owed to TSA has increased to over ZAR 74 million.
This is ZAR 44 million in excess of the facility of ZAR 30 million,
which is due to be reduced to ZAR 20 million by the end of February
2023. TSA has not exercised its rights in the event of breach.
Discussions continue with TSA regarding its ongoing support to
Kareevlei, however, no commitment has been received and it is
unlikely that the Company will be able to reduce the amount drawn
under the facility to comply with the terms of the agreement.
Litigation with Mr CB Visser and related parties
Settlement was reached with Mr Visser and his related companies
in December 2022. The amount held in escrow was sufficient to cover
the settlement value and costs, and payment was effected in
December 2022.
Outlook
The mining plan is in the process of being revised and financial
forecasts are being reviewed based on the input of the specialists
providing assistance to Kareevlei. The funding requirement for
essential capital expenditure and upgrades is being finalised, as
well as the working capital requirement for the period until the
mine is operating normally, post the proposed plant upgrades and
essential capital expenditure programme.
BRD continues to explore all options to enable operations to
continue and obligations to be met. Uncertainty exists, however, on
the ability to implement the turnaround plan for BRD and Kareevlei
given the statutory demand received from Mr Leslie.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
**ENDS**
For further information, please visit BlueRock's website
www.bluerockdiamonds.co.uk or contact:
BlueRock Diamonds
Victor Dingle, CEO v.dingle@bluerock.co.uk
SP Angel (NOMAD and Broker)
Stuart Gledhill / Harry Davies-Ball Tel: +44 (0)20 3470 0470
----------------------------------
St Brides Partners Ltd (Financial
PR) bluerock@stbridespartners.co.uk
Isabel de Salis / Charlotte Page
----------------------------------
Notes to editors:
BlueRock Diamonds is an AIM-listed diamond producer which
operates the Kareevlei Diamond Mine near Kimberley in South Africa
which produces diamonds of exceptional quality and ranks in the top
ten in the world in terms of average value per carat. The Kareevlei
licence area covers 3,000 hectares and hosts five known
diamondiferous kimberlite pipes with a combined inferred resource
of 10.4 million tonnes / 516,200 carats (February 2021); based on
its planned production of 1 million tonnes per annum, this provides
a minimum 10-year life of mine
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END
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