JOHANNESBURG (miningweekly.com) – Aim-listed Richland Resources on Tuesday said its insurance provider had approved a claim for $1.44-million following the theft of tanzanite stones from its sorting house last year.
About 89 066 g of material, worth about $1.46-million, was stolen during a December 2 break-in at the firm’s Tanzania-based sorting house.
The gemstone producer and developer of associated minerals said that, following a loss assessment, the underwriters were set to pay out $1.44-million by the end of February.
Richland CEO Bernard Olivier pointed out that the approved claim excluded the value of the 6 955 g of tanzanite recovered by the Tanzania Police Force.
Olivier noted that 16 suspects had been arrested in connection with the theft.
The company on Monday told shareholders its revenue for the fourth quarter of 2012 had dropped to $3.9-million, compared with $5.9-million in the fourth quarter of 2011, as a result of the theft.