Rockwell Diamonds said that in case of continued uncertainties facing the company, or in the absence of additional financing, the ability to continue further work for it may be questionable.
According to the audit report, for the company, there are two factors of uncertainty which could have a significant impact on its activities, namely completion of the business rescue process of implementing a new production strategy, and timely expansion of production at the mine Vouterspen (Wouterspan) in South Africa.
Application for a temporary elimination of three subsidiaries of Rockwell - Rockwell RSA, HC van Wyk and Saxendrift Mine, filed C Rock Mining in November last year, has led to the fact that the High Court of South Africa in March issued a preliminary ruling on their liquidation.
However, on appeal the court's decision for the three subsidiaries of the company procedure business reorganization instead of liquidation was launched last month.
The immediate result was that all judicial proceedings against Rockwell subsidiaries have been suspended, as does the process of elimination.
Professional managers of Metis Strategic Advisors have been appointed to oversee the Rockwell subsidiary companies, working together with the management of miners to remedy the state of business and the preparation of the business plan of salvation in order to return to commercial production.
Meanwhile, of Rockwell reported that its revenues from diamond sales during the 2017 fiscal year decreased by 31% to 26.1 million Canadian dollars compared to 37.7 million Canadian dollars a year earlier.
The company's revenues in the fourth quarter also fell by 90% to 987 000 Canadian dollars compared to 10.3 million Canadian dollars in the same period of fiscal year 2016, which was due to the termination of the Saksandrift projects (Saxendrift) and Remhugte / Holsloot (Remhoogte / Holsloot).
. "Despite the challenges, I am confident that we were able to start a reversal in the direction of increasing the profitability prospects of profit will remain under pressure as long as the monthly refinery throughput (on Vouterspen) does not increase to 200 000 cubic meters or above" - said CEO Tyart Willems (Tjaart Willemse).
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DAuction auction house is a new venture in the diamond market in Antwerp, aimed at organizing the auction of diamonds and is offered as a rare fancy colored stones, and large white diamonds, IDEX Online reported.
Once Ghosn (Gon Raz), managing partner and co-owner Windiam, explained why the diamond dealer may be interested in selling through auction diamond "Diamond dealers are looking for additional sales channels. We have already received positive feedback from leading Belgian and foreign companies. They believe not only in the concept, but also in the fact that we can sell them the rarest diamonds at attractive prices. We offer them an additional alternative that will help them to sell the goods without blocking it for several months, as it happens in other auction houses. "
Once noted that jewelry companies and individuals have to spend a lot of time to search for the best prices and the most rare diamonds, which are very few traders have access, especially when you consider that many of the rare stones are not presented at all shopping sites.
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