Bluerock Diamonds’ shares jump on record find

BlueRock Diamonds (LON: BRD) shares were up 15% on the London Stock Exchange Friday after the miner announced it had recovered its largest diamond to date, a 24.9 carat gem quality stone.  

BlueRock owns and operates the Kareevlei Diamond Mine in the Kimberley region of South Africa.  The miner’s largest diamond prior was 16.28 carats, which sold for $78,947.
 
“This record recovery of such a high-quality diamond is an exciting milestone and underpins why we are so confident about the potential of the Kareevlei mine. We have a comprehensive development plan to increase production and look forward to providing further updates as we progress,” executive chairman Mike Houston said in a media statement. 

The diamond will be put to tender, the results of which will be announced June 17, the company said.

BlueRock’s shares were priced at 11 pence on the LSE late Friday, on a day that saw trading volume at 61.9 million, mover six times the average daily trading volume is 9.5 million. The company has a £1.8 million market capitalization. 

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BlueRock finds another exceptional diamond at South African mine

BlueRock Diamonds (LON:BRD) said Tuesday it had recovered an “exceptional” 8.97-carat stone at its Kareevlei mine, in the Kimberley region of South Africa.

It is the second largest stone mined from Kareevlei and the third valued at more than $50,000. The other two were a 7.76ct stone sold for $10,070 per carat in 2017 and a 10.58ct diamond sold for $7,047/ct in 2018.

The 8.97 carat stone was recovered on Friday, Feb.1, along with two other high-quality 6.36 carat and 3.64-carat diamonds. According to chief executive Adam Waugh, the finds reinforce the exceptional quality being produced at Kareevlei.

The discovery came days after the company resumed operations at Kareevlei, following a temporary suspension imposed by the country’s mining regulator after an accident at the mine.

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