Rockwell Diamonds

Rockwell Diamonds was a mid-tier diamond mining and development company. The company had an interest in producing and exploration alluvial diamond properties in southern Africa. The stock of the company used to trade on the South African, Canadian, and American exchanges, but is now going through the process of liquidation.

Rockwell Diamonds, Inc.
TypePublic company
IndustryMining
Headquarters
Vancouver
,
Canada
Key people
Willem Jacobs CEO, Mark Bristow, Chairman
ProductsRough high value diamonds
WebsiteRockwellDiamonds.com

History

Rockwell Diamonds Inc was in news in 2009 when Switzerland based Pala Investments Holdings Limited made takeover bid on the company which was resisted by the minority directors of the company.[1][2][3] The bid did not succeed.

In May 2010 the Financial Times reported again that Rockwell Diamonds was a target for takeover.[4]

In April 2013, the firm sold its Klipdam mine in South Africa to a private diamond miner for R23 million. Rockwell announced it would reinvest the money in the Niewejaarskraal mine and into the growth of the company's footprint in the Middle Orange River region.[5]

In 2016, Rockwell sold its "non-core" assets to Nelesco Group, a South African private mining company, as part of the restructuring of the company after the resignation of its CEO.[6] In 2017, liquidators were appointed for Rockwell's South African mines, and trading of its stock was halted.[7] In September 2017, Rockwell was reported to be seeking buyers for its mines.[8]

Properties and projects

The company's mines are:

  • Wouterspan Property
  • Saxendrift & South Bank Middle Orange River Operations
  • Niewejaarskraal & South Bank Middle Orange River Operations

All were producing mines, with no exploration risk or costs attached to them. Rockwell operates the Holpan mine north of Kimberley, and the Saxendift mine on the Middle Orange River ("MOR") southwest of Kimberley. The Wouterspan mine, also located on the MOR, is on care and maintenance. All of these operations are located in the Northern Cape Province of South Africa.[9]

References
  1. Rockwell faces new Pala attack Brendan Ryan | Thu, 30 Apr 2009 14:30
  2. Pala Sets the Record Straight on Rockwell in the Face of Minority Directors' Flip-Flops
  3. Pala cuts Rockwell holding, board rep quits, Liezel Hill, 23 June 2009 http://www.miningweekly.com/article/pala-cuts-rockwell-holding-board-rep-quits-2009-06-23
  4. Hunt for new diamond capacity likely to lead to further consolidation in industry , By Paulina Lichwa . Published: 10 May 2010 13:02 .
  5. Rockwell offloads Klipdam to private buyer for R23m, South Africa: Mining Weekly, 2013
  6. "Rockwell sells non-core assets | IOL Business Report". Retrieved 10 February 2018.
  7. "Liquidators appointed for troubled Rockwell Diamonds mines | IOL Business Report". Retrieved 10 February 2018.
  8. "Rockwell Diamonds keeps sale talks alive". Retrieved 10 February 2018.
  9. Rockwell recovers 66 carat stone from Holpan, 124 and 145 carat stones from Saxendrift and presents year to date diamond sales information
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