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Severe Snow Disrupts Letšeng Mine Operations

Aug 10, 2016 8:40 AM   By Rapaport News
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RAPAPORT...
Gem Diamonds said operating costs may rise as severe snowfall and winds have restricted access to its Letšeng mine in Lesotho. The company maintained its production guidance for the year but cautioned it may need to re-assess its guidance for ore tonnes treated and costs.

The mine’s processing plants are operating at reduced rates with the help of standby generators as the extreme weather damaged overhead power lines. The Lesotho Electricity Company is on site carrying out repairs and an external power supply is expected to be fully restored soon, Gem Diamonds said.

Production this year is likely to remain within original guidance of 107,000 to 109,000 carats after a strong performance in the first half, the miner stressed.

Analysts at Panmure Gordon reiterated their “buy” rating for Gem Diamonds given that “full-year production guidance can still be achieved, albeit at a higher cost.” The share was down less than half a percent in afternoon trading on the London Stock Exchange.
Tags: Gem Diamonds, Lesotho, Letšeng, Letšeng mine, Panmure Gordon, Production, Rapaport News
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