ENP Newswire -
Release date- 14082014 -
The first paragraph stated: 'reported proceeds of
Safety: Karowe had one lost time injury during the quarter, resulting in a Lost Time Injury Frequency Rate ('LTIFR') of 0.15 for the 12 months to
Cash flows and operating margins: The Company achieved second quarter tender proceeds of
Following the second quarter the Company concluded its second exceptional stone tender in July for proceeds of
Net cash position: The Company's quarter-end cash balance was
Karowe operating performance: Karowe's operating performance exceeded plan during the period in terms of ore and waste mined and carats recovered. The Company recovered a record number of 252 special stones (+10.8 carats) during the period with an average size of 27.84 carats.
Adjusted Earnings per share: Adjusted earnings per share is
Dividends paid: The Company paid its inaugural semi-annual dividend of
Outlook: The Company has increased its revenue forecast by approximately 60% for the year to between
To the end of June, the mine sold 54 diamonds larger than 50 carats, including 11 diamonds larger than 100 carats and 30 diamonds selling for more than
The Karowe mine performed well during the second quarter of 2014. Tonnes of ore mined exceeded plan during the period. Waste mined for the push back to open up access to the south lobe accelerated during the period, recovering the first quarter deficit and is back on track for the year to date planned volumes.
The process plant performed well during the quarter with mill throughput and carats produced in excess of plan. Carats produced were lower than the prior period due to mining a lower grade area in accordance with the mine plan. A total of 252 special stones (+10.8 carats) were recovered during the quarter at an average size of 27.84 carats. This represents a record quarter both in frequency and average size of specials recovered.
REVIEW OF PROJECTS
The Mothae project is located in northeast
The Company is currently reviewing a number of development options for Mothae.
The Plant Optimization progressed well during the period. The Company has spent approximately
Revenue is forecast between
Karowe is still forecast to process between 2.2 - 2.4 million tonnes.
Forecast for ore mined remains at between 3.0 - 3.5 million tonnes and waste mined between 10.0 -11.0 million tonnes.
Karowe's operating cash costs (Non-IRFS measures) are expected to remain between
The Company is forecasting that the plant optimization project will cost up to
The XRT machine may also be used for future new development work. The Company has also included costs to mitigate the impact of industrial action in the steel industry in
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made and contained herein and elsewhere constitute forward-looking statements as defined in applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'expects', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible' and similar expressions, or statements that events, conditions or results 'will', 'may', 'could' or 'should' occur or achieved.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements.
The Company believes that expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information included herein should not be unduly relied upon.
In particular, this MD&A may contain forward looking information pertaining to the following: the estimates of the Company's mineral reserve and resources; estimates of the Company's production and sales volumes for the
There can be no assurance that such statements will prove to be accurate, as the Company's results and future events could differ materially from those anticipated in this forward-looking information as a result of those factors discussed in or referred to under the heading 'Risk Factors' in the Company's Annual Information Form dated
Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, and the Company does not assume any obligations to update or revise them to reflect new events or circumstances, except as required by law.
Tel: 604 689 7842
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