Rockwell blames poor results on contractor’s ‘malicious legal action’
Rockwell Diamonds accused third parties of "malicious legal attacks" and equipment "tampering", blaming its poor third-quarter performance on these factors as new CEO Tjaart Willemse painted a brighter outlook for the company. Rockwell, which is under new executive leadership, has agreed to sell its Saxendrift and Remhoogte/Holsloot assets to Nelesco 318 for R45.5m, reduce its workforce by more than half, cut its liabilities by more than 80% and inject $8m into the company to bring its Wouterspan mine and plant in the Northern Cape into production from March this year. Rockwell has had a bruising battle with a contractor at its operations in Middle Orange River, near Prieska. The tensions boiled over when the contractor filed legal documents to seize Rockwell’s mining fleet and put the company and its subsidiaries into liquidation. Rockwell has won back the machinery and is contesting the liquidation applications.
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