Mining and marketing rare blue tanzanite rocks has enabled Tanzanite One to treble annual profits to £7.7 million pre-tax.

AIM-quoted Tanzanite One, which produces violet-blue tanzanite rocks from their only source near Mount Kilimanjaro in Tanzania, increased revenues 162 per cent to £245 million last year. The company, where former chief operating officer Ian Harebottle will replace the mellifluous Mike Nun as chief executive next month, recovered 1.4 million carats during the year, with an average ore grade up 12 per cent to 55 carats a tonne.

The second half brought a 'significant' increase in production, though most of the profits came in the first six months. Tanzanite One has declared a 5c (3p) final dividend.

The company is continuing to develop 'innovative marketing strategies', based on tanzanite as 'the birthstone', a gift given at birth. Highlighted here at 95.5p last August, the shares have now reached 219p and, though partial profit-taking might be prudent, they could have much further to go.

If you are not yet a subscriber you can get immediate access to all the services on Growth Company Investor simply by clicking here.

Tanzanite One	AIM	£17.28m	23.50p	0.00p
Click here for interactive charting
Other company articles:
Tanzanite mans the barricades			05/11/2008
Tanzanite removes director			31/10/2008
Tanzanite builds its defences			27/10/2008
Gemfields returns to Tanzanite fray			21/10/2008
Gloves off in gem bid			25/09/2008