Rockwell Reports First-quarter Results

Rockwell Diamonds Inc. (TSX:RDI) reported its results for the quarter ended November 30, 2014.

As quoted in the press release:

The operating result is reflective of a difficult quarter due to the low incidence of large diamonds across all our operations. Average diamond prices realized from Company owned operations declined 35%.

The tenth successive quarter of US$-denominated gross diamond revenue growth up 59% to $18.9 million with rough diamond sales up 55% as a result of a 127% improvement in carat sales.

James Campbell, CEO and president of Rockwell, stated:

These results reflected a challenging quarter with a lower incidence of large stones. Despite this we achieved US$-denominated revenue growth for the tenth successive quarter on the back of an increase in carat sales. Equally pleasing was the 15% reduction in the cash operating cost per m3. We are mindful that we need to ensure our ability to profitably process some of the lower grade resources and are committed to further drive down unit costs, thus the decision to process the remaining Saxendrift Hill Complex (‘SHC’) resource through the Saxendrift plant; and relocate SHC’s assets to the other MOR properties, in particular Niewejaarskraal.

Click here for the full Rockwell Diamonds Inc. (TSX:RDI) press release