Rockwell's Fourth Quarter 2017 Results and Update on Developments at its South African Operations
Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (TSX:RDI; JSE:RDI) announces results for the three and twelve months ended February 28, 2017. As quoted in the press release: Commenting on the FY2017 and fourth quarter performance, Tjaart Willemse, Chief Executive Officer said: “On 20th November 2016 the Board passed a special resolution approving a financing package … Continued
Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (TSX:RDI; JSE:RDI) announces results for the three and twelve months ended February 28, 2017.
As quoted in the press release:
Commenting on the FY2017 and fourth quarter performance, Tjaart Willemse, Chief Executive Officer said:
“On 20th November 2016 the Board passed a special resolution approving a financing package of US$8 million designed to fund a repositioning and development plan with the objective of returning Rockwell to normal commercial operations. Despite the additional challenges brought about by the various legal attacks, we have made good progress against the milestones set back in November 2016. This includes a successful restructuring exercise, a substantial reduction in off-mine and total operating costs, and completion of the construction of the Wouterspan mine infrastructure and processing plant.
It is understood that Rockwell completed a challenging quarter and financial year, which was typified by tough business decisions in the face of a series of spurious and malicious legal attacks from its erstwhile mining and construction contractor. In September 2016 the Company curtailed operations at two of its mines to prevent further cash burn, turning Rockwell effectively into a single-operation business. These operations have since been successfully disposed of to allow the Company to focus on the development of long life operations that meet its investment criteria.
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