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BlueRock Diamonds Enters Administration

June 7, 2023  |  Leah Meirovich

BlueRock Diamonds has gone into administration and operations at the Kareevlei mine in South Africa will remain suspended amid heavy financial difficulties.

The company, whose main subsidiary in South Africa entered business rescue in February, is also unlikely to receive any final payout from mining activities to settle its outstanding debt, it said Tuesday.

Administration in the UK is similar to Chapter 11 in the US. Control of the company transfers to insolvency practitioners, whose task is to try and save the company or get the best results for creditors.

Negotiations for the restructuring of Kareevlei are currently in progress, and its mining license has been renewed, BlueRock noted. Trading in BlueRock’s shares on London’s Alternative Investment Market (AIM) will remain suspended.

Image: Rough diamonds. (BlueRock Diamonds)

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