Troubled BlueRock Goes Into Administration
June 13, 23
(IDEX Online) - BlueRock Diamonds, the British miner that operates the Kareevlei mine, in Kimberley, South Africa, has gone into administration.
Operations at the mine remain have been halted. Share trading was halted in February, when its debt-ridden subsidiary Kareevlei Mining. which operates the mine, was placed in business rescue, with little prospect that it would continue as a going concern.
London-based Opus Restructuring LLP has been appointed as administrators of the company.
BlueRock is not expected to receive any final payout from mining activities to settle its outstanding debt.
In February Kareevlei Mining owed $4.1m to Teichmann South Africa, the construction and mining service group.
In April and May 2022, processing production at the mine was cut by over a third because of unexpectedly high rainfall. Kareevlei CEO Meiring Burger stepped down in July of that year.