Rain Hurts Rockwell's Production, Not Benefiting From Industry Surge

(IDEX Online News) – Diamond miner Rockwell reported C$8.5 million in sales in the May 31 ending quarter. The company's mining operations were hurt by rains, resulting in declining production.

Rockwell sold 4,779 carats in the first quarter, a decrease of 3 percent year-on-year. Despite a rise in global rough diamond prices, these sales generated only a marginally higher average price of $1,631 p/c.

Diamond production fell by 40 percent to 4,428 carats due to unseasonal rain.

The beneficiation joint venture with Steinmetz Diamond Group continued to grow during the quarter, generating revenue of $943,842.

The company posted a gross profit of $0.5 million and operating loss of $1.2 million.