Gulf starts at Sheikh Adi-2 25/05/2012
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Sales growth cheers TanzaniteOne
TanzaniteOne (TNZ) says sales rose 57 per cent to $6.2 million (£3.9 million) between the first and second quarters on rising production. The Johannesburg-based company, steered by geologist Bernard Olivier, benefited from price increases as it upped its output of violet blue tanzanite gemstones 5.25 per cent to 641,615 carats between first and second quarters.
For the first half of this year, AIM-quoted TNZ, which operates almost the only significant tanzanite mine in the world at Merelani in Tanzania, lifted sales 18 per cent to $10.2 million on production up 25 per cent to 1.25 million carats. The company, which turned a $3.1 million loss into a $700,000 net profit last year on sales up 27 per cent to $15.9 million, has responded to Tanzania's decision to impose curbs on exports of rough gemstones of more than five carats by opening its own cutting facility near the mine.
According to TNZ, its second quarter sales figures are the best since 2008 before the financial crisis broke. The company, which plans to list its shares additionally on Tanzania's Dar Es Salaam stock exchange this year, has taken steps to diversify its acticities, having recently paid A$120,000 (£80,000) for an option to buy a sapphire project in Australia.
Floated at 42p in 2004, TNZ shares soon achieved star status, reaching 265p within two years. A series of setbacks later burst that bubble and the price collapsed within the past year to 6.5p, before bouncing.
Hghlighted by Growth Company Investor at 12p last month, the shares now trade at 10.13p, up 1p this morning, valuing the company at £11.7 million. They should rally further.
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