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OtherApr 29, 2016
Richland postpones first sapphire sale
The gemstone miner said it is moving the first sale of sapphires from the Capricorn mine in Australia back to the third quarter due to lower-than-expected production.
The sale originally was slated to take place during the Hong Kong Jewellery & Gem Fair that is being held now. Richland is instead holding a product display and education session with sightholders during the show.
The now-rectified electrical problem at the mine restricted processing over the initial months of operations, reducing production to a level that “would not be sufficient to warrant the start of the formal sight system for the Capricorn sapphires,” Richland said in a statement.
The sapphire-bearing ore that was mined during the delay was stockpiled, and processing of the material has begun again. The product will be sorted and graded in time for the sale in the third quarter, the company said.
The Capricorn sapphire mine is one of the largest of its kind in the southern hemisphere, according to Richland, and capable of treating up to 200 loose cubic meters per hour.
It consists of two new mining leases including 490 hectares, and is 100 percent owned by Richland.
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