REG - BlueRock DiamondsPLC - Update

Bluerock DiamondsAnnouncement

19/11/2021 15:05

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RNS Number : 0162T  BlueRock Diamonds PLC  19 November 2021

BlueRock Diamonds PLC / AIM: BRD / Sector: Natural Resources

19 November 2021

BlueRock Diamonds PLC ('BlueRock' or the 'Company')

Update

 

BlueRock Diamonds PLC, the AIM listed diamond producer, announces an update
with regards to operations at its Kareevlei Diamond Mine ('Kareevlei') in the
Kimberley region of South Africa.

 

Further to the announcement dated 15 November 2021 and following discussions
with the Department of Mineral Resources and Energy (the 'DMRE'),
commissioning and processing at the new plant recommenced yesterday (18
November 2021), the old plant has been closed and the transfer and fitting of
two pans from the old plant to Line 2 on the new plant has commenced.  The
crushing circuit and Line 1 of the new plant were operating at near design
capacity, and it is expected that both lines of the new plant will be
operational within the next two weeks.  As part of the commissioning and a
build up to full production, the Company is utilising ore stocks that have
been built up pre the rainy season.

 

Due to the availability of run of mine ore, processing can continue
notwithstanding the current suspension of mining activities and the shutdown
is not currently expected to alter the guidance for the year ended 31 December
2021 of between 22,000 and 26,000 carats produced, although this is likely to
be at the lower end of the guidance.  The suspension has impacted near term
cashflow expectations, exacerbated by the fact that there is no planned
diamond tender in Kimberley in December 2021.  The Company is assessing how
best to meet its working capital needs over this period including the
potential to finance December 2021 production through its existing
relationship with Delgatto Diamond Finance LLP subject to progressing certain
administrative matters.

 

The Company remains in discussion with the DMRE in relation to the issues
raised regarding BlueRock's mining activities that remain suspended and hopes
to resolve these in the near future.  Further updates will be provided in due
course.

 

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 BRD's
website www.bluerockdiamonds.co.uk (http://www.bluerockdiamonds.co.uk/)  or
contact:

 

 BlueRock Diamonds PLC

 Mike Houston                           mhouston@bluerockdiamonds.co.uk

 David Facey, FD                        d.facey@bluerockdiamonds.co.uk
 SP Angel (NOMAD and Broker)

 Stuart Gledhill / Caroline Rowe        Tel: +44 (0)20 3470 0470
 St Brides Partners Ltd (Financial PR)

 Isabel de Salis / Susie Geliher        Tel: +44 (0)20 7236 1177

 

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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