Rockwell to shut Johannesburg Head quarter in reorganization

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Rockwell Diamonds to make the inflow of cash better and ignore the cost would soon close its headquarter situated in Johannesburg along with one of the South African mine operations as a constituent of the strategic business review. The decision has been taken to streamline the company-wide workforce in line with the legislative requirements.

Rockwell to shut Johannesburg head office in addition to the one of its south African mines operation in reorganization. The reason to suspend the operations and take this action is to reduce the price and improve the inflow of the cash. The orgainzation has also released all of its employees with cutback (reduction of expenditure)notices amid a slump in processing, yield and sales patterns. Further, the miner will shift senior executives based at the Johannesburg and reassign their duties to the firms its operations in the country’s MOR region on a full time basis. As per the statement submitted on 7th of January, 2016 this relocation of the Johannesburg based shift senior executives would fetch company a saving of approximately $484,097 per yr. Rockwell that is listed in Johannesburg, Toronto as well as on the OTC Pink in the United States, would end “company-directed operations” at the Saxendrift mine located in the south part of the MOR by 2016, February. MOR-based CEO pronounced the other programs of the company like simplifying the operational reporting structure along with the make-mine management that is directly responsible for mine operations. As per the statement, the current diamond recovery, volumes and grade are the major concern for the Rockwell diamond at present. Hence, the firm is challenging to attain financial viability, development and profitability which affect the human capital requirements, and sustainability.

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Rockwell Diamond’s operations in the third quarter66% to $5.3 millionvolume sold dived 71%to 4average price increased 16% to $1Diamond sales fellOTC Pink48%declineToronto328 per caratJohannesburgcompany-directed operationsSaxendrift mineMiddle Orange River

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