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BlueRock Plans to Boost Production, Sales in 2022

Jan 19, 2022 7:42 AM   By Rapaport News
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BlueRock Diamonds expects a sharp rise in rough output and sales from its Kareevlei mine in South Africa this year as its new processing plant reaches capacity.

“The new plant was fully operational in December and is running at close to design capacity,” BlueRock executive chairman Mike Houston explained. “We are encouraged by the much-improved performance of the new plant to date.”

The miner plans to produce 40,000 to 43,000 carats in 2022, and forecasts that revenue will jump to between $16 million and $17.2 million, it said Monday. In 2021, sales of rough grew 124% year on year to $10.8 million amid strong demand and increased availability of goods: Production soared 53% to 23,497 carats as the miner recovered higher-grade ore.

Sales volume rose 41% to 22,980 carats for the year, while the average price jumped 59% to $470 per carat.

“While we faced many challenges during 2021, we have seen production levels and the grade increase significantly, and with that, an increase in our carats sold,” Houston noted. “The market has remained buoyant throughout the year, with prices returning to levels above those of 2019.”

During the year, BlueRock sold 13 diamonds weighing more than 4.8 carats, including a 58.6-carat stone that brought in $585,000 and a 21.6-carat stone that went for $268,000.

Revenue in the fourth quarter climbed 68% to $3 million, with sales volume up 3% to 6,980 carats. The average price for the three months ending December 31 surged 64% to $431 per carat.

Image: Rough diamonds. (BlueRock)
Tags: BlueRock, BlueRock Diamonds, diamonds, Kareevlei mine, Mike Houston, Rapaport News, Rough Diamonds, South Africa
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