Richland Resources Ltd. Announces Operating Results for the Third Quarter of 2014
Nov 25 14
Richland Resources Ltd. announced operating results for the third quarter of 2014. For the period, the company reported 622,551 carats total tanzanite production against 810,347 carats for third quarter of 2013. Average grade was 110 carats per tonne against 108 carats per tonne in second quarter of 2013.
Richland Resources Ltd Provides Update on Capricorn Sapphire Mine in Queensland Australia
Nov 3 14
Richland Resources Ltd. announced an update on redevelopment operations at the Capricorn Sapphire mine in Queensland Australia. The Project team has been mobilized to the sapphire mine site since late August 2014 and have accomplished a series of key tasks to bring the mine back into production. On August 18, 2014, work commenced onsite with the recommissioning and refurbishment of the processing plant, plant site, including the site office, workshop, water storage and dam facilities for the plant site. The purpose-built alluvial processing plant is one of the large of its kind in the southern hemisphere capable of treating up to 200 loose cubic metres (LCM) per hour. All major plant components have been stripped down and assessed for working condition and future integrity and where required they have either been repaired or replaced with new components. The plant is at the stage where all sand blasting of most major components and repainting with anti-abrasive paint have been completed, ready for reassembly. Reassembly of the plant is scheduled to be complete during the next 10 days. The majority of mechanical repairs are expected to be complete within the next 15 days, following which electrical reinstallation work will commence. An assessment of the best solution for re-establishing a tailings dam system is underway. Options being assessed include the redevelopment of the existing tailings combined with the development of a new section to the tailings dam circuit. Safety is key to sustainable mining operations at Capricorn Sapphire and a redevelopment of the pre-existing tailings area will only be entered into if the high levels of safe containment can be reached. Although it is worth noting that the separation process for the Project involves no chemical additives relying purely on gravity and water. Work has also commenced on the Project's sapphire sorting, concentrating and grading facility. All site works related to the refurbishment of the plant and plant site remain on schedule and are progressing systematically. All statutory requirements of Licensing and Approvals required are progressing within the estimated time frames and the required documents pertaining to commencement of mining have been prepared and lodged with the relevant Queensland Government Authorities. The Capricorn Sapphire Project remains on schedule to start production by first quarter of 2015.
Richland Resources Ltd. Reports Unaudited Consolidated Earnings and Production Results for the First Half Year Ended June 30, 2014
Sep 23 14
Richland Resources Ltd. reported unaudited consolidated earnings and production results for the first half year ended June 30, 2014. For the period, the company reported revenue of $3,842,000 compared to revenue of $7,538,000 for the same period a year ago. Loss before depreciation, amortization and impairment was $770,000 compared to profit before depreciation, amortization and impairment of $199,000 last year. Loss before income tax was $1,499,000 compared to $551,000 last year. Loss after income tax was $1,223,000 compared to $546,000 last year. Loss attributable to equity holders of parent was $1,189,000 or 0.60 cents per basic and diluted share compared to $561,000 or 0.47 cents per basic and diluted share last year. Net cash used in operating activities was $1,556,000 compared to net cash generated from operating activities of $589,000 last year. Purchase of property, plant and equipment and intangible assets was $376,000 compared to $168,000 last year. LBITDA was $0.8 million compared to EBITDA of $0.2 million last year.
For the period, the company’s production was 2.35 million of carats against 1.54 million of carats a year ago.