BlueRock Chooses Antwerp to Market Kareevlei Rough

Mining and Exploration
14/05/2020 07:19

Mining Weekly reports that UK-based BlueRock, operating the Kareevlei mine in Kimberley, South Africa, will be marketing its goods through Antwerp starting at the end June, in an agreement with Bonas-Couzyn, the Antwerp-based diamond consultancy and tender house. By choosing Antwerp, the world's largest rough market, over the much smaller domestic market, the company hopes to boost sales as the market recovers from the COVID-19 pandemic. In addition, the miner is in talks with the NY-based Delgatto Diamond Finance Fund (DDFF), to acquire pre-sales financing, in which DDFF would fund 70% of an agreed valuation for up to 12 months through monthly consignment parcels. With this move, BlueRock aims to insulate the company against short to mid-term volatility in the rough market. Operations at the Kareevlei mine resumed on May 11, production guidance and expansion plans are suspended and re-evaluated with an update expected in Q3.