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Rockwell Diamonds (TSX:RDI) has announced results for the three and twelve months ended February 29, 2016. As quoted in the press release: Salient features During the quarter, Rockwell continued to implement key decisions flowing from the recent strategic and operational review. The new, de-layered reporting structure has already reduced ongoing overhead costs. The deferred closure …
Rockwell Diamonds (TSX:RDI) has announced results for the three and twelve months ended February 29, 2016.
As quoted in the press release:
Salient features
- During the quarter, Rockwell continued to implement key decisions flowing from the recent strategic and operational review. The new, de-layered reporting structure has already reduced ongoing overhead costs. The deferred closure of Saxendrift is delivering substantial savings on the initially estimated closure costs.
- Rockwell’s financial results reflect a reduction in operational losses in the quarter trending to cash breakeven following the annual Christmas operations shutdown.
- The Group has repaid $6.1 million of long-term debt (relating to the Bondeo acquisition) over fiscal 2016.
- Consolidated average cash operating costs for the Middle Orange River (“MOR”) operations stood at US$9.1 per m3, down 18% year-on-year and 12% on the previous quarter of fiscal 2016.
- Construction work on the WPC processing plant is in progress to deliver a plant and in-field screening capable of processing 200,000m3 per month during the third quarter of fiscal 2017; ramp-up will commence towards the end of June.