BlueRock Diamonds, a company
incorporated in England and Wales, was established in October 2012 to
acquire or invest in under exploited diamond mines in South Africa and
sub Saharan Africa. BlueRock was admitted to trading on the AIM market
of the London Stock Exchange (BRD: LN) in September 2013.
Currently, BlueRock has the mining right to and operates a mine at the Kareevlei Tenements which covers 3,000 ha.
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.
