TORONTO- and Johannesburg- listed Rockwell Diamonds was one of the few resource shares to climb on Monday, gaining 6,2% to close at R5,50 after announcing its Saxendrift mine produced 373 carats in a single day last week .
The group said this was not only a record at the mine, but the highest daily production achieved within Rockwell's five-year operating history. The haul, representing about half of the mine's budgeted monthly production, included four large stones weighing 180, 94, 43 and 34 carats.
"Rockwell's competitive advantage in the diamond world is the regular production of large, high-quality diamonds and though recoveries such as recently experienced at Saxendrift are rare, they enhance the profitability of our mines," Rockwell CEO James Campbell said.
"Saxendrift has a similar diamond distribution to both Wouterspan and Niewejaarskraal, which are next in a pipeline of development projects that Rockwell plans to bring on stream using improved diamond recovery processes," he said.
Rockwell also on Monday said the last outstanding conditions for the completion of the Tirisano acquisition were fulfilled. The senior debt, which was provided by the Industrial Development Corporation, was restructured last month and the Section 11 cession approval from the Department of Mineral Resources was received on Friday .
Rockwell can now take ownership of the mining rights at Tirisano and bring the first two production lines of the newly built processing plant into commercial production, which is planned for the end of the third quarter.
Tirisano will " create more than 200 jobs once it is in full production, contributing to the socioeconomic development of the Ventersdorp region and . the local Mogopa community", said Mr Campbell. I-Net Bridge