Chart usGOLD   Chart usSILVER  
 
Food for thought
There is no exit at the end of the tunnel
Eric Lemaire  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1289.022.01
Silver 19.480.03
Platinum 1420.000.50
Palladium 904.505.30
WORLD MARKETS
DOWJONES 1709815
NASDAQ 458023
NIKKEI 1547752
ASX 56295
CAC 40 4379-2
DAX 94711
HUI 2463
XAU 1021
CURRENCIES (€)
AUS $ 1.4042
CAN $ 1.4262
US $ 1.3129
GBP (£) 0.7895
Sw Fr 1.2064
YEN 136.7240
CURRENCIES ($)
AUS $ 1.0696
CAN $ 1.0862
Euro 0.7617
GBP (£) 0.6014
Sw Fr 0.9188
YEN 104.1440
RATIOS & INDEXES
Gold / Silver66.17
Gold / Oil13.43
Dowjones / Gold13.26
COMMODITIES
Copper 3.150.01
WTI Oil 95.961.29
Nat. Gas 4.070.04
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Tirisano placed on care and maintenance amid persistent industrial action and to preserve cash resources
Published : December 12, 2012
( 0 vote, 0/5 ) Print article
     
Tweet

Tirisano placed on care and maintenance amid persistent industrial action and to preserve cash resources

VANCOUVER, Dec. 12, 2012 /CNW/ - Rockwell Diamonds Inc. ("Rockwell" or the "Company") (TSX: RDI; JSE: RDI) announces its decision to place its operations at the Tirisano Mine on care and maintenance following persistent industrial relations issues and ongoing losses incurred by the mine. The term 'care and maintenance' is used when a mine has stopped production and is temporarily closed for technical, environmental, financial or labour relations reasons (Minerals Act, 1991).

The Tirisano Mine, last week, was impacted by a second unprotected (illegal) strike within a period of four months. It has also been subjected to persistent industrial relations issues relating to pay increases despite the fact that the mine has continued to operate at a loss and these issues being dealt with in full compliance to the Labour Relations Act ("LRA") of South Africa.

The mine's challenges have been exacerbated by operational complexities as well as a slower than anticipated recovery in the price of smaller diamonds that make up much of Tirisano's production profile, that led to the persistent poor financial performance. The burden of these losses has been carried entirely by Rockwell whose black economic empowerment ("BEE") partner at the mine, Mogopa Minerals, has been unable to contribute any funding since the mine's inception.

Accordingly, the board of directors has approved a decision to place the mine on care and maintenance in order to preserve the cash resources of the Company. Rockwell remains confident in the resources of the property and, as such, a detailed metallurgical study is planned at Tirisano while the mine is on care and maintenance to design a fit for purpose plant that is specific to local conditions. Royalty mining revenues will be used to offset the care and maintenance costs. With the addition of further royalty mining contracts, Rockwell anticipates a cash neutral position with regard to these costs.

"The decision to place Tirisano on care and maintenance has not been taken lightly and was only made once all possible avenues were explored to operate profitably using the existing infrastructure," says James Campbell, CEO, Rockwell Diamonds. "Rockwell is committed to providing jobs in areas that are impacted by high unemployment rates and we are disappointed that these decisions will result in inevitable job losses at the mine; however, the financial position of the Company has to be our main priority. We are also working with Mogopa Minerals to secure funding to enable them to meet their financial obligations in relation to Tirisano."

With regards to the future, Campbell explained "Our planned metallurgical studies at the mine are aimed at designing a fit for purpose operation that will create value for all stakeholders in the future. As a team, we have also dedicated significant management time to turning the mine around, which has now been freed up to focus on our high potential projects in the Middle Orange River region that are the growth engine of the Company."

About Rockwell Diamonds:

Rockwell is engaged in the business of operating and developing alluvial Diamond deposits, with a goal to become a mid-tier Diamond production company.  The Company has three existing operations, which it is progressively optimizing, two development projects and a pipeline of earlier stage properties with future development potential.

Rockwell also evaluates merger and acquisition opportunities which have the potential to expand its mineral resources and production profile and would provide accretive value to the Company.

No regulatory authority has approved or disapproved the information contained in this news release.

Forward Looking Statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.

Factors that could cause actual results to differ materially from those in forward-looking statements include uncertainties and costs related to exploration and development activities, such as those related to determining whether mineral resources exist on a property; uncertainties related to expected production rates, timing of production and cash and total costs of production and milling; uncertainties related to the ability to obtain necessary licenses, permits, electricity, surface rights and title for development projects; operating and technical difficulties in connection with mining development activities; uncertainties related to the accuracy of our mineral resource estimates and our estimates of future production and future cash and total costs of production and diminishing quantities or grades of mineral resources; uncertainties related to unexpected judicial or regulatory procedures or changes in, and the effects of, the laws, regulations and government policies affecting our mining operations; changes in general economic conditions, the financial markets and the demand and market price for mineral commodities such as diesel fuel, steel, concrete, electricity, and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the US dollar, Canadian dollar and South African Rand; changes in accounting policies and methods that we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; environmental issues and liabilities associated with mining and processing; geopolitical uncertainty and political and economic instability in countries in which we operate; and labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate our mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt operation of our mines or development projects.

For further information on Rockwell, Investors should review Rockwell's home jurisdiction filings that are available at www.sedar.com.

SOURCE: Rockwell Diamonds Inc.

For further information:

For further information on Rockwell and its operations in South Africa, please contact

James Campbell 
CEO
+27 (0)83 457 3724

Stéphanie Leclercq 
Investor Relations
+27 (0)83 307 7587

Data and Statistics for these countries : South Africa | All
Gold and Silver Prices for these countries : South Africa | All
Tweet

Rockwell Diamonds Inc.

DEVELOPMENT STAGE
CODE : RDI.TO
ISIN : CA77434W2022
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Email Alert Add to Watchlist Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Rockwell Diamonds Inc.
7/11/2014Operational improvements drive Rockwell to Q1 profit
6/26/2014Rockwell Diamonds lifts fiscal Q1 output 90%
5/23/2014Rockwell Diamonds eyeing consolidation opportunities
5/23/2014Rockwell Diamonds lifts Q4 revenues
4/1/2014Rockwell gains growth momentum as diamond output firms
1/10/2014Rockwell Q3 results in line with higher production goal
12/9/2013Rockwell hits record Q3 output, announces new BEE partner
11/27/2013Rockwell Diamonds unearths a heavyweight precious gem
9/25/2013Rockwell Q2 diamond production up almost 50%
7/9/2013Rockwell Diamonds’ Q1 revenue climbs
5/9/2013Rockwell diamond sales up 19%
3/21/2013Rockwell concludes Jasper acquisition
1/11/2013Rockwell Diamonds loses R41m in Q3
12/13/2012Rockwell Diamonds suspends operations at Tirisano
11/1/2012Rockwell shifts to contract mining at Klipdam
10/12/2012Rockwell brings in royalty miners at Tirisano, Klipdam
6/28/2012Rockwell reports Q1 gem sales of $5.9m
5/3/2012Rockwell Diamonds nets $6m in Q4 sales
4/18/2012Rockwell increases diamond output 77%
9/27/2011Rockwell Q2 diamonds sales total $7m
7/27/2011Rockwell raises C$6.5m through assets sale
7/21/2011Rockwell stokes diamond fever
7/4/2011Rockwell appoints new COO
5/11/2011Rockwell Diamonds Appoints New CEO
3/26/2011Rockwell Diamonds to raise capital, selecting new CEO
11/16/2010Rockwell recovers more large stones at South African mines
9/10/2010Rockwell lays plan to boost, 'smooth' diamond output
3/12/2010Rockwell targets 10 000 ct/m in five years
3/12/2010Rockwell to buy Blue Gum project in SA from Etruscan
1/13/2010Rockwell recovers large stones at SA diamond mines
12/21/2009Rockwell keeping costs in check
12/3/2009Rockwell says will raise up to C$12,5m
11/12/2009Rockwell finds three coloured stones at SA mine
8/21/2009Rockwell Sees Improvement in Rough Diamond Prices
7/19/2009Rockwell halts lease payments
6/26/2009Rockwell posts C$13m loss, needs to raise C$4m
5/20/2009Civil war at Rockwell Diamonds
Financings of Rockwell Diamonds Inc.
2/3/2010Rockwell completes private placement
1/6/2010Completes $7.4 Million of Previously Announced Financings & ...
Nominations of Rockwell Diamonds Inc.
10/3/2011ROCKWELL DIAMONDS STRENGTHENS BOARD OF DIRECTORS
10/3/2011Strengthens Board Of Directors
5/11/2011appoints new CEO
9/1/2010Appoints a New Director and Strengthens the Management Team
12/8/2009Appoints Processing Plant and Financial Managers for its Nor...
10/7/2009Appoints New Independent Directors
Financials of Rockwell Diamonds Inc.
1/9/2014third quarter results boast revenue growth and improved oper...
10/10/2013second quarter results reveal fifth consecutive quarter of r...
5/23/2013announces results for fourth quarter fiscal 2013
1/10/2013announces results for third quarter fiscal 2013
1/2/2013achieves higher prices for third quarter diamond sales on th...
10/11/2012announces results for second quarter fiscal 2013 and Continu...
9/17/2012provides feedback from second quarter diamond sales
5/30/2011Announces Results for Fourth Quarter of Fiscal 2011
7/16/2010Announces Fiscal 2011 First Quarter Results
7/16/2009Announces Results for First Quarter of Fiscal 2010
Project news of Rockwell Diamonds Inc.
6/26/2014posts another strong quarter with increased revenues on the ...
12/9/2013delivers record quarterly carat production with improved rev...
11/27/2013continues production of large diamonds in Middle Orange with...
8/29/2013progresses towards strategy to grow production in Middle Ora...
5/15/2013(Wouterspan)announces positive Pre-Feasibility Study for Wouterspan prop...
12/12/2012Tirisano placed on care and maintenance amid persistent indu...
3/19/2012Rockwell Diamonds restructures its BEE transaction with AVR ...
5/31/2011Rockwell Diamonds Inc. updates its mineral resources and min...
11/12/2009(Saxendrift)Recovers Additional Exceptional Stones From Saxendrift
4/23/2008(Wouterspan) ACHIEVES STRONG PRICES FOR ITS APRIL 2008 DIAMOND SALE
Corporate news of Rockwell Diamonds Inc.
7/25/2014shareholders pass all resolutions at annual general and spec...
5/22/2014posts solid 2014 results with significant increases in reven...
3/31/2014fourth quarter production and sales update highlights increa...
2/3/2014welcomes African Renaissance as its BEE partner for its Midd...
9/25/2013increases carat production and revenue from sales by 46% and...
9/17/2013recovers four rough diamonds exceeding 100 carats
7/26/2013shareholders pass all resolutions at annual and special gene...
7/4/2013provides production update for first quarter of fiscal 2014 ...
6/26/2013extends and amends convertible loan agreement with Daboll Co...
5/6/2013provides production update for fourth quarter of fiscal 2013...
3/20/2013Completion of Jasper Mine acquisition increases Rockwell's o...
12/18/2012provides production update for third quarter of fiscal 2013 ...
12/3/2012Results of pilot Bulk X-Ray technology demonstrate Rockwell'...
12/3/2012Results of pilot Bulk X-Ray technology demonstrate Rockwell'...
12/3/2012Results of pilot Bulk X-Ray technology demonstrate Rockwell'...
10/31/2012board approves plan to reduce Klipdam Mine's operating cost ...
9/12/2012provides production update for second quarter of fiscal 2013...
3/30/2012Rockwell Diamonds announces intention to file Form 15 to Sus...
9/26/2011latest diamond sales reflect continued price strength
9/6/2011(Saxendrift)to implement highly effective bulk x-ray technology diamond ...
8/8/2011(Saxendrift)announces: Extraordinary production of 373 carats in one day...
8/2/2011(Saxendrift)s Prefeasibility Study for Saxendrift and Preliminary As...
7/26/2011' sale of unproductive assets generates C$6.5 million to be ...
7/20/2011Independent valuation of Rockwell Diamonds confirms signific...
7/18/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
7/8/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
7/4/2011provides a diamond value management update and further addit...
7/1/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
6/22/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
6/17/2011reports fatality at Tirisano mine
6/11/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
6/10/2011unveils Recapitalization Plan and Bridge Loan to spearhead g...
6/3/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
5/28/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
5/20/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
5/16/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
5/10/2011Rockwell Diamonds Inc. Presents: Diamond Market News courtes...
4/15/2011Presents: Diamond Market News courtesy of IDEX Online
4/1/2011Presents: Diamond Market News courtesy of IDEX Online
2/25/2011Presents: Diamond Market News courtesy of IDEX Online
2/11/2011Presents: Diamond Market News courtesy of IDEX Online
12/24/2010Presents: Diamond Market News courtesy of IDEX Online
12/10/2010Presents: Diamond Market News courtesy of IDEX Online
11/26/2010Presents: Diamond Market News courtesy of IDEX Online
10/8/2010Presents: Diamond Market News courtesy of IDEX Online
7/23/2010Diamond Market News courtesy of IDEX Online
6/30/2010Announces the Acquisition of a 20% Stake In Flawless Diamond...
6/29/2010Recovers 66 Carat Stone From Holpan, 124 And 145 Carat Stone...
5/31/2010Announces Results for Year End Fiscal 2010
3/24/2010Announces Completion of Highly Successful Rights Offering
3/12/2010Rights Offering Update
2/6/2010Files Rights Offering Circular and Announces Timetable for R...
2/5/2010Provides Update on Timetable for Rights Offering
1/15/2010Announces Results for Q3 Fiscal 2010
1/13/2010Recovers Large Stones from Holpan and Saxendrift
12/21/2009Provides Operational Update
12/2/2009to Raise Up to C$12.5 Million in New Equity through a Rights...
12/1/2009Achieves US$1,434 per Carat for Latest Diamond Sale
10/16/2009Announces Results for First Half of Fiscal 2010
7/9/2009Presents: Diamond Market News courtesy of IDEX Online
6/29/2009Announces Fiscal 2009 Results
6/11/2009Executive Directors of Rockwell Select Haywood Securities to...
6/15/2009Executive Directors Cite Strong Fundamentals in Final Appeal...
5/26/2009Executive Directors of Rockwell Diamonds Confirm Fair Rights...
1/9/2009Estimates Nine Month Earnings
11/25/2008Revamps Its Board of Directors
10/31/2008Receives Second Independent Advice In Relation To Pala Bid
9/16/2008Question & Answers about the Offer from Pala Investments
12/3/2007 OBTAINS RECORD PRICE OF US$145,000 PER CARAT FOR A 7.28 CAR...
6/5/2007Drilling Discovers Extension to Diamond Host Unit at its Kli...
5/29/2007CONCLUDES ACQUISITION OF MAKOENSKLOOF ALLUVIAL DIAMOND PROJE...
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (RDI.TO)OTC BB (RDIAF.OB)
0.390+0.00%0.475+1.06%
TORONTO
CA$ 0.390
08/29 15:54 -
0%
Prev close Open
0.390 0.385
Low High
0.380 0.390
Year l/h YTD var.
0.240 -  0.440 -%
52 week l/h 52 week var.
0.230 -  0.520 30.00%
Volume 1 month var.
37,273 -11.36%
24hGold TrendPower© : -8
Produces
Develops Diamonds
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
TOP NEWSRELEASES
Annual variation
DateVariationHighLow
20140.00%0.420.28
201395.00%0.560.15
2012-63.64%0.560.19
2011-47.62%1.050.38
201016.67%1.350.75
 
5 years chart
 
3 months chart
 
3 months volume chart