Rockwell Tender Averages $1,611 P/C
July 18, 10Rockwell Diamonds Inc. posted a $30,000 loss in its first quarter. The diamond miner sold 4,927.46 carats of rough diamonds at an average price of $1,611.11 per carat.
Rockwell’s revenues included $7.9 million from a single tender sale held during the quarter. The joint venture with the Steinmetz Diamond Group (SDG) earned Rockwell another $300,000 from beneficiation profit share. As part of the joint venture project, rough diamonds are polished and sold and the profit is shared.
The company mined 7,316 carats during the quarter, including a 66-carat stone recovered at the Holpan mine and 124-carat and 145-carat stones recovered at Saxendrift mine.
The large diamonds were sold to Rockwell's joint venture agreement with SDG.
During the first two months of the quarter, Rockwell's three operations - Holpan, Klipdam and Saxendrift - underperformed against budgeted production targets, but exceeded budgeted carats in May, the company disclosed.
Rockwell pinned the low performance in March and April on poor weather factors and high sand contents in the ore bodies.