Richland buys Queensland sapphire mine
PERTH (miningweekly.com) – Africa-focused gemstone producer Richland Resources has moved to diversify its geographic presence, announcing this week that it would acquire the Nardoo sapphire project, in Queensland.
Aim-listed Richland said it had exercised its option to gain full control of the Nardoo project in exchange for A$1.18-million in cash and about 18-million Richland shares, or around 8.3% of the company’s enlarged capital.
“Nardoo presents Richland with an opportunity to start producing high-quality sapphires within a relatively short timeframe. With an established resource and the low redevelopment capital expenditure, we expect to recommence sapphire production within nine months,” said Richland CEO Bernard Olivier.
The project currently has a measured Joint Ore Reserves Committee-compliant resource of 109-million carats, along with an existing plant capable of producing 20-million carats a year.
The production plant would be refurbished as part of Richland’s plans to restart operations at Nardoo.
“The value of sapphires with proven provenance is high and our intention is to sell certificated Richland stones through our various existing sales channels. Located in Queensland, Australia, we also believe Nardoo brings an important element of low country risk and high locale transparency to our portfolio as we build operations,” said Olivier.
Richland has been faced with a spate of illegal mining activities at Tanzanian operations, owned by subsidiary TanzaniteOne Mining. The company was working with the local government in an effort to address the issue of illegal mining in the region, which was severely hampering its operations and financial performance.
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