RapNet


Rapaport News

 

Mining

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Large Stones Prove Profitable for Gem Diamonds

Sale of 910-carat Lesotho Legend boosts miner’s first-half earnings.
Sep 5, 2018 9:44 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Gem Diamonds swung to a profit in the first half of the year, boosted by the sale of large, high-quality stones from its Letšeng mine in Lesotho.

Profit was $24.2 million for the period ending June 30, versus a loss of $2.9 million last year, the company reported Wednesday.

Sales rose 81% year on year to $167.7 million for the six months, from 61,596 carats, with the average price at Letšeng up 54% to $2,742 per carat. The company sold 25 stones for more than $1 million each, with the largest of those, the 910-carat Lesotho Legend, fetching $40 million.

“Letšeng’s improved recoveries combined with the discovery and subsequent sale of the Lesotho Legend has generated a strong set of results,” said CEO Clifford Elphick. “Letšeng produced a record number of diamonds greater than 100 carats for any six-month period in the mine’s history.”

Gem Diamonds recovered 10 diamonds larger than 100 carats during the first six months at Letšeng, and last month unearthed another two, making this a record year for such finds.

The company also owns the Ghaghoo mine in Botswana, which it is in the process of selling.

Image: Gem Diamonds
Tags: Botswana, Clifford Elphick, Gem Diamonds, Ghaghoo, Lesotho, Lesotho Legend, Letšeng, mining, Rapaport News
Similar Articles
Gem Diamonds 150Letšeng Yields Two More Large Stones
Sep 21, 2020
Gem Diamonds has recovered an additional two large, high-quality diamonds...
Alrosa Names New Belgium Chief
Dominion to Sell Ekati Mine for $126M
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us