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Rockwell Diamonds Sells Three Non-Core Assets


Post Date: 28 Jul 2011    Viewed: 533

Rockwell Diamonds Inc. has announced the sale of three non-core assets as further progress in its turnaround strategy; the sale generated proceeds of approximately $6.9 million. The assets that were eliminated were the Makoenskloof property, the PC3000 excavator and the Holpan DMS plant.


Makoenskloof is located in South Africa's Northern Cape; it sold for about $955,000. Exploration and evaluation results showed that the property did not meet Rockwell's investment criteria.


The PC3000 required care and maintenance and was located at the South African Wouterspan mine. Its sale brought in about $3.1 million.


The Holpan plant will bring in about $2.7 million in two payments. The plant is located adjacent to the Klipdam mine in South Africa, which has its own plant. Klipdam's plant can process any future extractions from Holpan.


CEO of Rockwell James Campbell did not discount further sales of assets in the future in the company's attempts to optimize its operations.


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