Richland Resources Ltd Sales Update (2419W)
13 November 2017 - 6:00PM
UK Regulatory
TIDMRLD
RNS Number : 2419W
Richland Resources Ltd
13 November 2017
13 November 2017
Richland Resources Ltd
("Richland" or the "Company")
Sales Update
Richland (AIM: RLD), the gemstones producer and developer, is
pleased to announce a sales update in respect of uncut sapphires
sold pursuant to its larger-scale sales events strategy subsequent
to the end of Q3 2017. The rough sapphire sales referred to in this
announcement relate to the period from 1 October to 3 November 2017
(the "Sales Period"). As previously announced, sapphire prices
remained depressed during Q3 2017, partly due to a continued influx
of illegally mined sapphires from an environmentally protected
region in Madagascar, leading the Company to carry over the
majority of its stock from Q3 production at its Capricorn Sapphire
mine in Queensland, Australia, into Q4 sales. Whilst prices have
continued to be affected during the Sales Period by unethically
mined production, the sales results achieved show signs of the
beginning of a price recovery for the Company's transparent supply
chain model. All figures are unaudited.
Highlights:
-- US$388,000 in total achieved from the sale of rough sapphires
-- Rough sapphire sales classified into three categories as follows:
o Lower Quality Sapphire / Corundum
o Commercial Quality Sapphire
o Higher Quality Sapphire
-- Richland is pleased to note signs of a recovery in pricing
since the end of Q3 2017. All sapphires sold by the Company have
full supply chain assurance in terms of:
o Australian Health and Safety compliance
o Full compliance with Queensland's mining code in terms of
environmental best practice and reclamation
o Quality and Austrailian sourced guarantee
-- Further larger-scale sapphire sales events scheduled for conclusion by mid-December 2017
o Cut sapphires will be included in the next significant sales
event as well as rough sapphires
Sales
During late October and early November 2017, the Company
achieved total sales revenue of approximately US$388,000 from the
sale of rough heated and unheated sapphires comprising a total of
10 parcels with the following breakdown:
Category Value Carats US$ / Ct
Sold
Lower Quality Sapphire
/ Corundum US$85,147 2,225,730 0.04
Commercial Quality Sapphire US$184,599 117,677 1.57
Higher Quality Sapphire US$118,546 38,076 3.11
The Company is currently planning to conclude its next
larger-scale sales events, which will include both cut sapphires as
well as rough sapphires, by mid-December 2017.
Commenting on today's sales update, Bernard Olivier, CEO of
Richland, said:
"For the past six months, sapphire pricing as a whole has
suffered from commercial buyers sourcing gemstones from illegal
mining activity in Madagascar, more specifically a field located
within a national park and operated under extremely dangerous
working conditions. These latest sales results, achieved under our
larger-scale sales events strategy, saw some positive signs of
recovery in sapphire pricing for our ethically sourced
sapphires."
For further information, please contact:
Bernard Olivier Edward Nealon Mike Allardice
Chief Executive Chairman Group Company Secretary
Officer +61 409 969 955 +852 91 864 854
+61 4089 48182
Laurence Read Nominated Adviser Broker
Corporate Development Strand Hanson Shore Capital Stockbrokers
and Communications Limited Ltd
Officer James Harris Jerry Keen (corporate
+44 (0) 20 3289 Matthew Chandler broking)
9923 James Dance Toby Gibbs / Mark
+44 (0) 20 7409 Percy (corporate
3494 finance)
+44 (0) 20 7408
4090
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
Further information is available on the Company's website:
www.richlandresourcesltd.com. Neither the contents of the Company's
website nor the contents of any website accessible from hyperlinks
on the Company's website (or any other website) is incorporated
into, or forms part of, this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDBMBLTMBBBBBR
(END) Dow Jones Newswires
November 13, 2017 02:00 ET (07:00 GMT)
Lexington Gold (LSE:LEX)
Historical Stock Chart
From Apr 2024 to May 2024
Lexington Gold (LSE:LEX)
Historical Stock Chart
From May 2023 to May 2024