BlueRock Diamonds more than doubles H1 revenue

BlueRock Diamonds posted a jump in first-half revenue and production on Monday as it backed its guidance for the year.

In the six months to the end of June, revenue more than doubled to £1.4m from £558,842 in the first half of last year and pre-tax losses narrowed to £381,027 from £1.3m. This came as the company more than doubled production to 4,936 carats from 2,438 carats.

The average grade per tonne improved to 4.10 carats from 3.34 in the first half of 2018 and the average price rose to $405 per carat from $340.

Guidance for the full year was left unchanged at between 12,000 and 16,500 carats at $340 per carat. For 2020, it continues to expect between 16,000 and 21,500 carats at $340 per carat.

"The increase in production was achieved without the benefit of the planned plant improvements and was largely due to the new management team introducing stronger operating disciplines, the extended working hours through the commencement of 24/7 365-day operations, as well as improved plant availability,"the AIM-listed mining company said.

“]"Accordingly, the board remain confident that the near-term monthly production target of 40,000 tonnes is achievable and continues to expect that the company will be operating profitably during the second half of 2019."

At 1420 BST, the shares were up 13% at 72p.