BlueRock Diamonds plc
BlueRock Diamonds plc (“BlueRock”) was established in October 2012 to acquire or invest in under exploited diamond mines and diamondiferous tailings dumps in South Africa and sub Saharan Africa. BlueRock was admitted to trading on the ISDX Growth Market in March 2013.
Following the review and evaluation of a number of potential acquisition targets, the Kareevlei Tenements in the Kimberley region of South Africa were identified as an opportunity that fulfilled the Company’s investment criteria. On 3 September 2013, BlueRock exercised an option for its South African subsidiary, Kareevlei Mining (Pty) Limited (“Kareevlei Mining”), to acquire certain mining equipment relating to the Kareevlei Tenements, and conditional on approval from South Africa’s Department of Mineral Resources (“DMR”), the mining right over the Kareevlei Tenements. Further information on Kareevlei can be found in the ‘Projects’ section of this website. Following exercise of the option, BlueRock was admitted to the AIM market of the London Stock Exchange on 4 September 2013.
BlueRock is incorporated in England and Wales with company number 08248437. Its main country of operation is South Africa.
Structure of the Group and BEE Partner
Black Economic Empowerment
The South African mining industry is subject to black economic empowerment requirements which arise from the equality provisions of the Constitution and the Mineral and Petroleum Resources Development Act. The DMR has published and implemented the Broad Based Socio-Economic Empowerment Charter, September 2010 (“Mining Charter”) which is applicable to all mining companies operating within South Africa. The most significant element of the Mining Charter is the ownership requirement which stipulates that mines must commit to obtaining 26%. effective ownership by historically disadvantaged South Africans (“HDSAs”) by 2014.
Kareevlei Mining is 74% owned by BlueRock, with the remaining 26% owned by a Kimberley based company, Ghaap Mining (Pty) Limited (“Ghaap Mining”). Ghaap Mining is a South African private company wholly owned by Mr. William Alexander van Wyk who, in terms of South African legislation is considered to qualify as an HDSA.