Toronto-based diamond producer United Reef (URP-T) has sold 1,440.5 carats of diamonds from its Mbala mine in the Central African Republic (C.A.R.) for just under US$300,000.
The average selling price of the stones was US$205.59 per carat. By comparison, previous sales from Mbala production netted only US$182 per carat.
The 526-sq.-km Bamingui property, which includes Mbala, lies along the western edge of the Mouka Ouadda plateau, a Cretaceous sedimentary sequence 650 km northeast of Bangui. Gem-Quality diamonds are found under 4 metres of overburden in a gravel horizon lying directly on bedrock.
United Reef began commissioning the property in May and June, and slightly more than half of the gems sold were recovered during this period.
Four-fifths of the diamonds recovered were classified as gem quality, and one-Third were larger than 1 carat. The largest diamond in this parcel weighed 10.55 carats and was valued at US$12,660.
United Reef reports that mining and processing operations continue to scale up toward full capacity. In early July, some improvements were made to the feed and scrubber components of the plant. Modifications to the ore treatment and concentrate recovery circuit should be completed shortly.
As a result of these modifications, average plant throughput has increased to 35 tonnes of gravel per hour, and United Reef expects average diamond production to exceed 600 carats per month.
United Reef holds an 80% stake in the Bamingui project.
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