BlueRock sales pick up following move to continuous production

AIM-listed diamond producer Bluerock saw production and sales increase during the first quarter of its trading year.

Bluerock reported a 12% increase in first-quarter tonnage to 42,409 tonnes and also recovered two particularly large stones during the three months ended 31 March - an 8.97-carat diamond which it offloaded for $74,513 and a 16.28-carat diamond which it sold for $78,947.

Average grades improved to 3.41 carats per hundred tonnes - 4% ahead of Bluerock's 2018 average.

Bluerock sold 1,847 carats in the quarter, an 18% year-on-year improvement, at an average price per carat of $371 each, which was 10% above its prior year average.

Chief executive Adam Waugh said: "I am pleased that the volumes for Q1 are at the higher end of our expectations despite the temporary suspension for 8 days in February."

Looking forward, Waugh added: "We commenced 7 days a week operations on the 26 March 2019, the results of which are beginning to come through assisted by significant strengthening of our mining team in Kimberley.

"We have further work to do in improving our operations and look forward to updating the market on our plans and production guidance for the full year in due course."

As of 1125 GMT, Bluerock shares had climbed 5.53% to 0.25p.