Richland H1 2015 Revenue -9%
September 30, 15(IDEX Online News) – Gemstone miner Richland Resources Ltd announced that its revenue for the first half of 2015 was down 9 percent over the same period in 2014. The company said the decline, from $306,000 to $278,000 was due to changes to its online sales caused by caused by the migration, rebranding and relaunching of its online sales platform following the sale of its Tanzanian operations.
Operating Loss for the period increased 113 percent, from $458,000 in H1 2014 to $973,000 due to the development costs associated with the Capricorn Sapphire project, which it acquired in June 2014.
“The period saw Richland undertake an intense period of mine redevelopment at the new Capricorn Sapphire project in Queensland Australia,” said CEO Bernard Olivier.
“Pre-production and ramp-up began within months of our team getting on the ground at site with first sapphires now recovered… Our small team of dedicated employees achieved both first production and the revamp of the online division, all within a total project Capex and Opex expenditure of less than $1.5 million for the period. As ramp-up continues our marketing and sales teams have also commenced our sales process and the establishment of our sapphire brand as a reliable source of gemstones with full provenance in terms of both quality and source.”