| Fri 25 May 2012, 8:51 | | RDI - Rockwell Diamonds Incorporated - Press release regarding Results |
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RDI
RDI
RDI - Rockwell Diamonds Incorporated - Press release regarding Results
Announcement
ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British Columbia, Canada)
(Incorporation number BCO354545)
(Formerly Rockwell Ventures Inc.)
(South African registration number: 2007/031582/10)
Share code on the JSE Limited: RDI ISIN: CA77434W2022
Share code on the TSXV: RDI CUSIP Number: 77434W103
Share code on the OTCBB: RDIAF
("Rockwell")
ROCKWELL - PRESS RELEASE
Thursday May 24, 2012, Vancouver, BC -- Rockwell Diamonds Inc. ("Rockwell" or
the "Company") (TSX:RDI; JSE:RDI, OTCBB:RDIAF) announces results for the three
and twelve months ended February 29, 2012. Currency values are presented in
Canadian dollars unless otherwise indicated.
Performance Overview
- Substantial progress with repositioning of Rockwell by new management
- Saxendrift performance trending up as a direct impact of diamond value
management strategy
- Long term production asset brought on stream with Tirisano mine ramp up
making progress: One time cost of ramp up of $6.7 million charged to
earnings
- Fiscal 2012 performance with loss of $13.7 million: Reflects impairment
charges and other abnormal costs of repositioning the Company to ensure
economic sustainability
- Net cash balances of $9.9 million preserved to fund growth
- Successful in-field screen and bulk x-ray pilot projects provide blueprint
for new mines
- Investments undertaken and operating changes made allow Rockwell to deliver
further improvements and pursue growth opportunities in fiscal 2013
Following a strategic review in early 2011 that was initiated after
management changes in December 2010, significant progress has been made in
repositioning and refocusing Rockwell. Rockwell identified the deliverables
to achieve its key corporate objective of increasing production of high-
quality gemstones to 10,000 carats per month within five years. These
included a comprehensive overhaul of the business, optimizing the
productive mines to deliver better returns, driving down costs and
improving metallurgical processes with a focus on recovery of diamonds as
part of the value chain strategy. The next phase in the strategic plan is
to leverage the Company`s production profile by focussing in on the
development of its asset inventory as well as selected M&A opportunities
should they arise.
The appointment of a new management team in June 2011 to drive the
corporate turnaround was the first and most important step in initiating
the new strategic plan. James Campbell and Michael Hunt, both of whom are
seasoned diamond executives with joint diamond experience spanning some 50
years, joined Rockwell as CEO and COO, respectively. The team introduced
the concept of diamond value management, brought a focus on quality and
worked to embed these goals throughout the operations. In the last twelve
months the Company has made significant progress in this regard, including:
- An increased focus on diamond processing metallurgy enabled the
Company to address prior production issues which were identified in
the plant environment, leading to a number of operational
improvements.
- At Saxendrift, a new fit for purpose in field screen and the bulk x-
ray pilot project were completed on schedule and have delivered
positive recovery performance and results. Management is pursuing
these new process technologies for future mine developments.
- By adjusting the mine plan at Klipdam to mine the Rooikoppie gravels
which have less intense earthmoving requirements, the economics for
the remaining life of mine have improved. With the recent appointment
of a new Mine Manager, Klipdam is in a position to capture these
efficiencies.
- The acquisition of the Tirisano mine was completed and the newly
rebuilt 90,000m3 production facility was commissioned. Fatal flaws in
the plant design that were identified by the new management team have
now chiefly been addressed. Tirisano`s full operating and ramp up
costs of $6.7 million were expensed with a short term negative impact
on annual profitability.
- The Holpan mine, which delivered marginal results as it was reaching
the end of its life of mine, was put on care and maintenance in May
2011 and options to bring this asset to account are being analysed.
The new management team conducted a full internal review across the
business. Several corporate legacy issues were identified that required
immediate attention, a number of which have already been resolved:
- The Company was recapitalized in the third quarter of fiscal
2012 through a private placement totalling $7.8 million, which
was concluded at a premium to the then current stock price.
Rockwell supplemented this with $6.5 million from proceeds with
the sale of non-core and underutilized assets. A portion of the
funds were utilized to implement the technology improvements at
Saxendrift and complete the Tirisano plant while further funds,
will only be invested following careful evaluation of the expected
returns against the strategic objectives.
- During the first quarter of fiscal 2012, the Company extended its
beneficiation agreement with the Steinmetz Diamond Group from rough
diamonds exceeding 10 carats to include all stones exceeding 2.8
carats. The profit sharing arrangement continues to deliver
significant value as the Company participates equally in the profit of
polished diamond sales generated by the rough diamonds that are sold
by Rockwell through this channel.
- The arbitration in relation to the legacy Midamines dispute in the
Democratic Republic of Congo was concluded, with Rockwell paying a
final settlement of $1.2 million, enabling the management team to
focus on its properties and mines in South Africa. The Company is not
aware of any other outstanding litigation.
- After year-end, Rockwell announced the finalization of an agreement
with Africa Vanguard Resources ("AVR") to effectively unwind the 2008
deal with respect to the Group`s Northern Cape operations. This
agreement included the acquisition of AVR`s Jasper Mine property which
is contiguous to Rockwell`s Saxendrift Mine and has the potential to
extend the life of Saxendrift with limited new investment.
- The Company has achieved its stated objective of enlisting a strong
and engaged board of directors to support the management team in their
strategic growth objectives. Mark Bristow was appointed as Chairman,
while Johan van `t Hof and Stephen Dietrich joined the board as
independent non executives and members of the Audit Committee. Both
Johan and Stephen are Chartered Accountants and have occupied leading
roles in significant enterprises.
Another critical area of the corporate review was the completion of an in
depth analysis of the Company`s asset register to ensure that all assets
were accurately reflected in the balance sheet. The findings led the
decision to impair the property, plant and equipment by $4.9 million at the
end of the period following which Rockwell`s asset base is now more fairly
represented on the balance sheet. Simultaneously, the Company has
maintained a prudent cash management strategy to preserve its cash
resources for capital investments that are fully a Financial Overview
- Gross diamond revenues of $34.2 million: 26% increase in diamond sales
at Saxendrift offset by impact of Holpan care and maintenance
- Beneficiation revenues increased 64%
- The loss for the year of $13.7 million includes asset impairment of
$4.9 million, Tirisano operating costs of $6.7 million, total
litigation expenses in respect of the Midamines dispute of $1.5
million and the Tirisano rehabilitation obligation of R1.3 million
- Effective cash preservation: Net cash of $9.9 million after capital
expenditure of $6.8 million funded from internal cash flows
Summary of performance for twelve months ended February 29, 2012
The financial performance of Rockwell for fiscal 2012 reflects its
transition and turnaround as well as financial decisions taken in order to
ensure the long term sustainability of the Company.
Production
Volume (m3) Carats Mining costs
Fiscal 2012 2,501,114 17,416 26,936,716
Sales and
inventories
Value of Sales Sales Average value Inventories
(US$) (carats) (US$ / carat) (carats)
26,834,168 19,174 1,400 114
Saxendrift recorded a 26% increase in rough diamond sales to US$17.5
million as its average value per carat improved 22% to US$2,444 while
Tirisano, which was brought on stream in the third quarter, contributed
revenue of US$1.8 million. These increases were offset by the impact of
putting the unprofitable Holpan mine on care and maintenance and cessation
of the trial mining at the Klipdam Extension, both decisions resulting from
the strategic review. The net result was a 27% decline in US$ denominated
diamond sales to US$26.8 million. As Tirisano`s production gears up to full
capacity in the year ahead, the gap is forecast to close. Total revenue for
the Company of $34.2 million was reported, including a 64% increase in
beneficiation revenues with the Steinmetz Diamond Group ("SDG") to $7.8
million.
Mining costs declined by 4% for the period to $26.9 million, even though
the operating costs for Tirisano have been fully expensed for the ramp up
phase. The Company reported an operating profit of $7.3 million for the
year.
The loss for the year of $13.7 million reflects the impact of the strategic
decisions that were taken during the year to place Rockwell on a solid
footing. These will flow through to the financials as its mines`
operational transformation continues to yield improved production and lower
unit costs. In particular, the Midamines settlement and associated costs
amounted to $1.5 million while the asset impairment of $4.9 million also
had a material impact on profitability but has resulted in a cleaner
balance sheet.
Summary of performance for three months ended February 29, 2012
For the first time since the corporate turnaround was put in motion, the
fourth quarter financial performance is beginning to reflect the diamond
value management principles which we believe will be the foundation for the
future growth strategy.
Production
Volume (m3) Carats Mining costs
Fourth quarter fiscal 2012 661,627 4,043 10,370,000
Sales and inventories
Value of Sales (US$) Sales Average Inventories
(carats) value (US$ (carats)
/ carat)
6,030,376 5,795 1,041 114
Tender sales amounted to $5.9 million from the sale of the 5,795 carats that
were produced by the Company`s three operations. Saxendrift achieved a 42%
increase in revenue, as its carats sold increased and average price per carat
increased by 32% and 7%, respectively. The overall loss of revenues was
primarily due to ceasing operations at Holpan and completing the trial mining at
Klipdam Extension. This decline was partially offset by revenue from the sale of
Tirisano diamonds that generated US$0.5 million.
Total mining costs for the quarter increased marginally by 3% to $10.4 million.
The increase is mainly due to incurring the full mining costs of Tirisano during
the ramp up phase. The cost per carat during the fourth quarter showed a 6%
decline even though there were additional upward pressures imposed by fuel,
wages and maintenance costs. The latter is related to the aging mining fleet.
This is a clear demonstration that the diamond value management principles are
starting to deliver tangible benefits.
Also impacting the financial performance of the Company was the once off impact
of the $4.9 million asset impairment which contributed to the net loss for the
quarter of $10.4 million.
The Company remains cash positive and stringent cost management measures are in
place across all areas of the business. At February 29, 2012, the Company had
cash and cash equivalents of $10.7 million with net cash holdings of $9.9
million after funding capital expenditure of $4.0 million from internal
resources, which compares favourably to a net cash position of $10.8 million at
the end of the third quarter.
Operational Overview
- 17,416 carats produced and 19,174 carats sold at average price of US$1,400 per
carat
- Continuous operations implemented at Northern Cape operations in January 2012
- Good progress with strategic turnaround projects including commissioning of in
field screen and pilot bulk x-ray implementation at Saxendrift
- Saxendrift unit cost down 5% due to success of diamond value management
initiatives
- Saxendrift reserves increased 60% according to updated NI 43 101 Technical
Statement as at February 29, 2012 that will be posted on SEDAR (see further
details below)
- Tirisano ramp up progressing
The Company`s resolute focus on diamond value management principles has driven
the operational improvements that have been implemented across the operations.
The major focus areas during fiscal 2012 were on improving the performance of
Saxendrift and ramping up production at Tirisano.
Saxendrift, the Company`s flagship mine that produces very high valued
gemstones, was a primary target for implementing the principles of diamond value
management. While a number of tactical metallurgical initiatives improved plant
efficiencies, the implementation of a fit for purpose in-field screen led to
major operational benefits. The results in the fourth quarter were a 50%
increase in carat production while unit costs declined by 5% to US$8.01 per
cubic meter. At Tirisano, progress ramping up to full capacity has been slower
than anticipated but continual improvements are being effected on the plant,
including the construction of a new wet front-end system.
Implementation of the bulk X-ray project continued on schedule and on budget. It
was commissioned and incorporated into the dedicated bulk sorting plant and the
testing programme on various gravels started in mid-April 2012. The preliminary
results from the mine`s recovery of tailings also produced encouraging results
with a total of 316 stones totalling 1,109 carats being recovered in the first
four weeks of production. This includes 14 stones exceeding 10 carats with the
largest weighing 52.67 carats.
Outlook
Underpinned by positive diamond supply and demand fundamentals, market analysts
are forecasting some 7% growth in rough diamond prices for the 2012 calendar
year, although this is predicated on a stable global economy. In particular, the
second half of the year is expected to be strong as dealers sell inventories
that were built when prices weakened following the correction in August 2011.
The joint venture with SDG, provides Rockwell with a strong base to benefit from
positive movements in both rough and polished diamonds, especially for its
larger, gem quality diamonds which are becoming rarer and are in high demand for
investment purposes.
From an operational perspective, the priorities for the first quarter of fiscal
2013 are as follows:
- Together with the recently appointed Mine Manager, the Klipdam team is focused
on achieving its production volume targets and improving unit costs due to
contops and better earthmoving availabilities.
- The objective at Saxendrift is to continually optimize the mine plan to mine
the right areas and achieve its quarterly production targets. Two new mining
faces have been opened to provide additional operational flexibility and
efficiencies. The mine management team will continue to optimize the in-field
screening process.
- At Tirisano, the goal is to achieve full production by the end of the second
quarter of fiscal 2013, a process that is being closely managed by the Rockwell
executive team, in conjunction with the new mine management team who have
increased supervision and focused on consistent operation of the plant. Steady
state operation of the plant is targeted from the new mining area as well as
completing the wet front end by the second half of calendar 2012. Maintenance of
the earthmoving fleet has been prioritized to meet the Company`s required
availability. To this end, various options are being evaluated including
contract mining.
Testing of the bulk x-ray system on the recovery and plant tailings will
continue at Saxendrift. On completion of this phase, the system will be used in
the bulk sampling mode for other properties, commencing with the newly acquired
Jasper property. Rockwell`s management is optimistic that implemented in
conjunction with Saxendrift`s new in-field screen technology, the bulk x-ray
technology should lead to a sustainable long-term improvement in diamond
recoveries in the Group`s operations. The results will be evaluated with a view
to deploying similar solutions in new processing plants that are planned at
Wouterspan and/or Niewejaarskraal as well as Rockwell`s earlier stage Middle
Orange River area properties. Work on optimizing the pre-feasibility study for
the Wouterspan Mine, which has been on care and maintenance since February 2009
using more fit-for-purpose technology, will start once the results from the
Saxendrift bulk x-ray project are forthcoming.
Having made significant progress with the corporate turnaround in fiscal 2012 by
entrenching the principles of diamond value management, the long term economic
sustainability of the business has been substantially improved. The management
team has well-defined and realistic objectives to complete the repositioning of
the Company in the year ahead, including the planning and feasibility stages of
the Wouterspan project, completing the ramp up at Tirisano and extending the
bulk x-ray pilot project.
Commenting on the fourth quarter performance of Rockwell, James Campbell, CEO
and president of Rockwell Diamonds said:
"The diamond value management strategy is leading to an improvement in
Rockwell`s carat production and during the past year, the new management team
has made good headway with the corporate turnaround. This is still work in
progress as is evident in our financial performance for fiscal 2012. A number of
the decisions taken to strengthen Rockwell`s long term sustainability have
impacted these results, such as putting Holpan on care and maintenance, the
costs incurred at Tirisano during the ramp up phase and ensuring that our fixed
assets are fairly reflected on the balance sheet. Rockwell is now in a much
stronger position than it was a year ago, having addressed the majority of the
legacy issues. We have concrete plans to deal with the remaining tasks to
complete our turnaround."
"Solid progress has been made with improving recoveries. This is clearly
evidenced by the year-on-year improvement in volume and carat production of 40%
and 77%, respectively, from the three operational mines. Saxendrift`s production
profile has stabilized and it achieved record production volumes in February
2012 that have been sustained into the new fiscal year. We are confident that
the pilot implementation of the bulk x-ray project, which was delivered on
schedule and on budget will lead to a new plant blueprint for our Northern Cape
operations. In addition, with management committing significant time and
attention to the production ramp up at Tirisano, we have addressed the major
challenges at the mine and are making steady progress."
Mark Bristow, Chairman of Rockwell Diamonds added:
"The last twelve months have seen a number of milestones in Rockwell`s
repositioning. This was catalyzed with the strategic review in the first six
months of fiscal 2012, and the subsequent appointment of the new management team
to refine and action the new strategy. The decisive strategic actions that
characterized the last year`s business activities together with the diamond
value management culture which is becoming "business as usual" for Rockwell,
place the Company on a sound footing to meet its medium term goal to be the
leading mid tier alluvial diamond producer."
Conference Call:
Rockwell will host a telephone conference call on Friday, May 25, 2012 at 10:30
a.m. Eastern Time (4:30 p.m. Johannesburg) to discuss these results. The
conference call may be accessed as follows:
Country Access Number
Canada (Toll-Free) 1 866 605 3852
USA (Toll-Free) 1 800 860 2442
UK (Toll-Free) 0 800 917 7042
South Africa (Toll-Free) 0 800 200 648
Other Countries (Intl Toll) +27 11 535 3600
A transcript of the audio webcast will be available on the Company`s website:
www.rockwelldiamonds.com. The conference call will be archived for later
playback until midnight (ET) May30, 2012 and can be accessed by dialling the
relevant number in the table below and using the pass code 20772#.
Country Access Number
South Africa (Telkom) 011 305 2030
USA and Canada (Toll) 1 412 317 0088
Other Countries (Intl Toll) +27 11 305 2030
UK (Toll-Free) 0 808 234 6771
For further details, see the Rockwell`s complete financial results and
Management Discussion and Analysis posted on the website and on the Company`s
profile at www.sedar.com. These include additional details on production, sales
and revenues for the quarter, as well as comparative results for fiscal 2011.
Saxendrift Mineral Resource and Reserve Update
Based on the results of operations and additional trial mining at Saxendrift in
2011, an economic study and estimate of the year end mineral resources and
reserves was completed. The mineral resources at 29 February 2012 were
estimated by Rockwell`s Group Technical Manager and reviewed by Dr. T.R.
Marshall, (Pr. Sci. Nat.), a qualified person who is independent of the Company
and responsible for the estimate. Dr Marshall is also responsible for the
economic study and estimate of the mineral reserves.
MINING AREA RESOURCE VOLUME GRADE* Value
CLASSIFICATION (mCubed) (ct/100mCubed) (USD/ct)
Brakfontein Hill Indicated 8,085,500 0.47 2,444
Complex
Saxendrift Hill Indicated 1,774,600 1.15
Complex Terrace
B2
Total Indicated 9,860,100 0.59 2,444
Brakfontein Hill Inferred 705,200 0.47 2,444
Complex
Saxendrift Hill Inferred 86,000 0.68
Complex Terrace
B2
Kwartelspan Inferred 500,000 1.00
prospect
Total Inferred 1,291,200 0.69 2,444
Based on a bottom-cut-off of 5mm
Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
The mineral reserves and key economic parameters of the Saxendrift mine study
are:
Key Parameters - Saxendrift Mine Key Results
Volume of gravel (Probable 8,085,500m3
Reserves)
Average Grade (Probable Reserves) 0.47 ct/100m3
Average sales value (2011) USD2,444/ct
Proposed monthly throughput 180,000m3
Proposed mine life (reserves only) 44 months
Mining Costs (2011) ZAR67/m3
Mining Royalties 0.5-7%
Capex* required to bring mine into ZAR27 million
production
Company Tax # 28%
IRR 143%
NPV ZAR 133,095,000
17%
The Saxendrift mine plan involves continuous operations on the Brakfontein Hill
Complex using shallow, opencast mining. The processing plant is comprised of
four scrubbers followed by four 18 ft rotary pan-plants and has a design plant-
throughput of 800tph. With an expected annual treatment of 2,160,000m3 some
10,000ct of diamonds are expected to be recovered through a bank of twelve
FLOWSORT machines, as well as final hand-sort in a glove-box under secure
conditions. Access to all areas of the final recovery is controlled and
monitored by protection personnel and closed circuit television. Quality
assurance/quality control is maintained through the use of tracers (bort
diamonds and ceramic balls).
For further details, see the Rockwell`s complete financial results and
Management Discussion and Analysis posted on the website and on the Company`s
profile at www.sedar.com. These include additional details on production, sales
and revenues for the quarter, as well as comparative results for fiscal 2011.
Saxendrift Mineral Resource and Reserve Update
Based on the results of operations and additional trial mining at Saxendrift in
2011, an economic study and estimate of the year end mineral resources and
reserves was completed. The mineral resources at 29 February 2012 were
estimated by Rockwell`s Group Technical Manager and reviewed by Dr. T.R.
Marshall, (Pr. Sci. Nat.), a qualified person who is independent of the Company
and responsible for the estimate. Dr Marshall is also responsible for the
economic study and estimate of the mineral reserves.
MINING AREA RESOURCE VOLUME GRADE* Value
CLASSIFICATION (mCubed) (ct/100mCubed) (USD/ct)
Brakfontein Hill Indicated 8,085,500 0.47 2,444
Complex
Saxendrift Hill Indicated 1,774,600 1.15
Complex Terrace
B2
Total Indicated 9,860,100 0.59 2,444
Brakfontein Hill Inferred 705,200 0.47 2,444
Complex
Saxendrift Hill Inferred 86,000 0.68
Complex Terrace
B2
Kwartelspan Inferred 500,000 1.00
prospect
Total Inferred 1,291,200 0.69 2,444
Based on a bottom-cut-off of 5mm
Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
The mineral reserves and key economic parameters of the Saxendrift mine study
are:
Key Parameters - Saxendrift Mine Key Results
Volume of gravel (Probable 8,085,500m3
Reserves)
Average Grade (Probable Reserves) 0.47 ct/100m3
Average sales value (2011) USD2,444/ct
Proposed monthly throughput 180,000m3
Proposed mine life (reserves only) 44 months
Mining Costs (2011) ZAR67/m3
Mining Royalties 0.5-7%
Capex* required to bring mine into ZAR27 million
production
Company Tax # 28%
IRR 143%
NPV ZAR 133,095,000
17%
The Saxendrift mine plan involves continuous operations on the Brakfontein Hill
Complex using shallow, opencast mining. The processing plant is comprised of
four scrubbers followed by four 18 ft rotary pan-plants and has a design plant-
throughput of 800tph. With an expected annual treatment of 2,160,000m3 some
10,000ct of diamonds are expected to be recovered through a bank of twelve
FLOWSORT machines, as well as final hand-sort in a glove-box under secure
conditions. Access to all areas of the final recovery is controlled and
monitored by protection personnel and closed circuit television. Quality
assurance/quality control is maintained through the use of tracers (bort
diamonds and ceramic balls).
For further information on Rockwell and its operations in South Africa, please
contact
James Campbell CEO and President +27 (0)83 457 3724
Stephanie Leclercq Investor Relations +27 (0)83 307 7587
About Rockwell Diamonds:
Rockwell is engaged in the business of developing and operating alluvial diamond
mines, to become a mid-tier diamond mining company. The Company has three
existing operations, namely Saxendrift, Klipdam and Tirisano, which it is
progressively optimizing. It also has two development projects -Wouterspan and
Niewejaarskraal- and a pipeline of other projects with future development
potential. Rockwell`s operations and projects are all located in the Republic
of South Africa.
In addition to its project work, Rockwell continues to evaluate merger and
acquisition opportunities which have the potential to expand its mineral
resources and provide new opportunities to develop the additional production
that would provide accretive value to the Company.
The Company has an established track record of producing large gem quality
diamonds; these comprise a significant proportion of its production profile. The
diamonds recovered from Rockwell`s mines are frequently acquired for investment
purposes. The Company has a beneficiation joint venture which enables it to
participate in the profit on the sale of its +2.8 carat sized stones after they
have been polished.
No regulatory authority has approved or disapproved the information contained in
this news release.
Forward Looking Statements
Except for statements of historical fact, this news release contains
certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized
by words such as "plan", "expect", "project", "intend", "believe", "anticipate",
"estimate" and other similar words, or statements that certain events or
conditions "may" or "will" occur. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and
actual results or developments may differ materially from those in the
forward-looking statements.
Factors that could cause actual results to differ materially from those
in forward-looking statements include uncertainties and costs related to
exploration and development activities, such as those related to determining
whether mineral resources exist on a property; uncertainties related to expected
production rates, timing of production and cash and total costs of production
and milling; uncertainties related to the ability to obtain necessary licenses,
permits, electricity, surface rights and title for development projects;
operating and technical difficulties in connection with mining development
activities; uncertainties related to the accuracy of our mineral resource
estimates and our estimates of future production and future cash and total
costs of production and diminishing quantities or grades of mineral resources;
uncertainties related to unexpected judicial or regulatory procedures or
changes in, and the effects of, the laws, regulations and government policies
affecting our mining operations; changes in general economicconditions, the
financial markets and the demand and market price for mineral commodities such
as and diesel fuel, steel, concrete, electricity, and other forms of energy,
mining equipment, and fluctuations in exchange rates, particularly with respect
to the value of the US dollar, Canadian dollar and South African Rand;
changes in accounting policies and methods that we use to report our financial
condition, including uncertainties associated with critical accounting
assumptions and estimates; environmental issues and liabilities associated
with mining and processing; geopolitical uncertainty and political and economic
instability in countries in which we operate; and labour strikes, work
stoppages, or other interruptions to, or difficulties in, the employment of
labour in markets in which we operate our mines, or environmental hazards,
industrial accidents or other events or occurrences, including third party
interference that interrupt operation of our mines or development projects.
For further information on Rockwell, Investors should review Rockwell`s annual
Form 20-F filing with the United States Securities and Exchange Commission
www.sec.com and the Company`s home jurisdiction filings that are available at
www.sedar.com
Canada
24 May 2012
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
25 May 2012
Date: 25/05/2012 08:51:00 Produced by the JSE SENS Department.
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