BlueRock Diamonds, which owns the Kareevlei diamond mine, in South Africa has achieved a grade of 4.3 carats per hundred tonnes (cpht) in the third quarter, compared with a grade of 3.13 cpht in the third quarter of last year.
The company sold 4 139 carats at an average price of $432 per carat in the third quarter of the year compared with the 1 834 carats sold, a year earlier at an average price of $341 per carat.
Meanwhile, BlueRock produced 3,973 carats during the period under review, a 117% jump when compared to the previous year’s 1,834 carats.
“The increased production, coupled with the increase in grade to above the lower end of expectations, as well as the continued quality of our diamonds leading to consistently high values per carat, has led to record levels of income and lowered unit costs of production,” said company chairperson Mike Houston.
BlueRock raked in $1,78 million in revenue during the third quarter, a 191% rise when compared to $614,000, a year earlier.
Its cost of production for August and September 2019 was approximately $13 per tonne.
At a grade of 4.3 cpht this equates to a cost per carat of about $300 compared with the average revenue per carat in the third quarter of $432.