(MENAFN- ProactiveInvestors - UK) Richland Resources (LON:RLD) has exceeded production targets and notched up first revenues from its new sapphire operation in Queensland Australia.
The miner produced 720000 carats in the three months to December as it continued to ramp up to full production.
Over the quarter it sold 203000 carats of lower quality stones at a price of US$1.11 to generate revenues of US$226000.
Operational cash costs per carat of were approximately US$1 with 52266 tonnes of sapphire-bearing alluvial gravels extracted and processed at an average grade of approximately 14 carats per tonne.
Bernard Olivier chief executive said the group had surpassed its ramp-up production targets with production continuing to increase at the mine.
'We also managed to bring our total operational cash cost per carat down to approximately US$1 / carat during the quarter through ongoing stringent cost control. "
This was the first full quarter of uninterrupted production he said.
Richland also picked two new exploration licences covering a total area of approximately 230 sq km adjacent to known sapphire producing areas.
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