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Rockwell Bounces Back as 1Q Sales Spike

Jun 16, 2016 2:42 AM   By Rapaport News
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RAPAPORT... Rockwell Diamonds reported rough sales surged 40 percent in the first fiscal quarter following a restructuring to reverse a slump in the miner’s performance.

Revenue jumped to $9.3 million in the three months that ended May 31, while sales by volume jumped 11 percent to 5,191 carats. The average price soared 26 percent to $1,801 per carat.

The company unveiled a raft of restructuring measures in January, including closing its Johannesburg headquarters and ending operations at its Saxendrift mine in South Africa, which it now says will be wound down by August. Diamond sales plummeted 34 percent during the fiscal year to February 29 and the miner's loss doubled.

“Our performance in the first quarter of fiscal 2017 is reflecting the effects of the improvements that we have been implementing, following the strategic interventions of late fiscal 2016,” said James Campbell, Rockwell’s chief executive officer and president (pictured).

“Productivity has been enhanced on our operations with the result of improved diamond recoveries and diamond values.”
Tags: mining, Rapaport News, restructuring, Rockwell, Rockwell Diamonds, rough sales, Saxendrift, South Africa
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