BRIEF-Rockwell Diamonds Q3 revenue fell 51 percent to C$3.5 million

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BRIEF-Rockwell Diamonds Q3 revenue fell 51 percent to C$3.5 million

posted on Jan 16, 2017 08:45PM

2017-01-16 06:24:00 PM ET (Reuters)

Jan 16 (Reuters) - Rockwell Diamonds Inc

* Q3 revenue fell 51 percent to C$3.5 million

* Rockwell Diamonds Inc says net loss of $5.5 million for quarter, compared to $10.5 million net loss for Q3 f2016

* Rockwell Diamonds says completed restructuring and rightsizing exercise which will result in reduction of total labour complement from 604 to 297 employees

* Rockwell Diamonds says significant portion of labour reduction will be transferred with sale of Saxondrift and Remhoogte/Holsloot

* To focus on ramping up WPC production to 200,000m per month by Q1 2018

* Rockwell Diamonds says to increase production beyond Wouterspan's full capacity, decided to move existing Holsloot plant to Stofdraai mining area north of Wouterspan

* Rockwell Diamonds says to focus on supplementing WPC production after relocation of Holsloot plant to Stofdraai, to achieve 260,000m per month in Q2 f2018

* Rockwell Diamonds Inc says continuing t o rationalise non-core assets and related liabilities Source text for Eikon: Further company coverage:

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