The new CEO of Rockwell Diamonds Tyart Willems (Tjaart Willemse) noted that the company "is in a deplorable state" after its assessment of the business situation.
Earlier this month, he was succeeded by James Campbell (James Campbell) General Director's position.
"It is clear that the business was in a desperate condition for many reasons," - he said in a statement.
"For a long time there was a violation of the control, a significant non-compliance with procurement policies, - continued the new CEO -. This, combined with the lack of planning, and the lack of pre-loaded project, led to a number of financial management issues and business risks."
Willems said that "blur" reporting both within the organization and between the company and some of its service providers, "does not bode well for the proper management and control of business."
He also noted, however, without further explanation, that in Rockwell yet there has been some "significant progress."
"I am of the opinion that with appropriate controls and with the correct Rockwell team will show a good increase in shareholder value," - said Willems.
At the same time, the company said that production volumes in the second quarter ended August 31 fell by 4% compared with the previous quarter and up 8% compared to the same quarter last year due to the planned downsizing of operations on the project Saksendrift (Saxendrift ), which was partially offset by an increase of 10 percent on processing volumes breed Remhugte (Remhoogte).
Quarterly production of diamonds in carats per Saksendrift decreased by 28% to 1227 carats, and Remhugte had a total of 3,424 carats of diamonds mined. Also, it was obtained a few stones larger than 20 carats, the largest of which were diamonds weighing 158.99 carats 129.66 carats.
Production at Vouterspen (Wouterspan), which started in August, has brought 96.26 carats, including stone weighing 27.4 carats.
Rockwell Sales fell by 9% over the same period last year, up to 4849 carats.
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The Government of Karnataka, India, the beginning of the process of acquiring land Bharat Gold Mines Ltd (BGML) and its assets from the Central Government of India.
Karnataka BGML acquire assets through its own mining company Hutti Gold Mines. The joint venture will be formed with the private company JMJ Minerals, including former employees of BGML, which will provide administrative, financial and technical support needed to start production.
. CEO of JMJ J. Jayakumar (G. Jayakumar) said: "The state government in February has already signed a memorandum of understanding on this issue After the handover process is completed, we will provide all the necessary assets to the Government of Karnataka to resume production of gold." .
JMJ with an Australian company has made all the necessary plans and is now going to hold a tender among companies in the world, which was proposed in 2006 when the restoration of BGML activities.
"We have developed technical and feasibility study, according to which the state government will earn revenue on this project - said Jayakumar. - Cost of production was much higher than in 2001, but now the price of gold is high, and gold mining is very profitable . The central government has also agreed to write off about $ 255 million BGML debt. "
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