Tanzanite One profit jumps 17%

[Graham]

<img src="/images/tone.jpg" border="1" alt="Tanzanite One" title="Tanzanite One" hspace="3" vspace="3" align="right" />Tanzanite One boosted profits by 17% during the first half and upped production by 45%.<br /><br />Net profit rose to $3.5m from $3m in 2007 on revenue down slightly to $20.9m from $21.3m, although the year ago figure includes $2.8m of sales from the since closed loss-making jewellery division.<br /><br />"The newly developed strategy of producing 3 million carats by 2011 remains in place, with the development and mining focus geared to achieve this target," said Zane Swanepoel, managing director of the firm which raised production to 1.1m carats in the first six months of 2008.<br /><br />"The practice of mining multi mine faces concurrently introduced in the second half of FY2007 has continued to produce increased production."

 

[yazrose]

I was watching the other day when one of the presenters was going on about the USA having up'd the increase in mining of the gem and they are now the biggest buyers of tanzi....then going on ........that Tanzi is now rarer than Diamonds, going to run out soon etc etc etc.
I don't know where to stand on this one, either its rarer than diamonds and they are going to run out soon or not as the case maybe as there is so much about and they are mining it at terrific rates.

 

[Pimms]

Well presumably if they mine at the rate they intend to then it will run out - and faster than they usually say. There's no indication of how much is left in Tanzanite One - for how many years they'll be able mine 3 million cts a year.

 

[mr jones]

I was watching the other day when one of the presenters was going on about the USA having up'd the increase in mining of the gem and they are now the biggest buyers of tanzi....then going on ........that Tanzi is now rarer than Diamonds, going to run out soon etc etc etc.
I don't know where to stand on this one, either its rarer than diamonds and they are going to run out soon or not as the case maybe as there is so much about and they are mining it at terrific rates.

It is rarer than diamonds in that Diamonds sources are all over the World and being found frequently. De Beers and other Cartels etc stockpile diamonds and leak them out into the Markets to keep prices up. Tanzanite has only one source and indeed it must run out but perhaps the scarcity hype is exaggerated to lure us into buying.

 

[calico]

It is rarer than diamonds in that Diamonds sources are all over the World and being found frequently. De Beers and other Cartels etc stockpile diamonds and leak them out into the Markets to keep prices up. Tanzanite has only one source and indeed it must run out but perhaps the scarcity hype is exaggerated to lure us into buying.

It worked on me. Sigh....

 

[Meeshoo]

I wonder if the publication of such good news might have anything to do with the fact that Tanzanite One is/was trying to resist a takeover? This is absolutely typical of a reaction to avoid market disquiet!