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Gem Diamonds Ltd (GEMD.L)

GEMD.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

GEM Diamonds says Letšeng treated total of 1.4 mln tonnes of ore during Q1
Tuesday, 23 May 2017 02:00am EDT 

May 23 (Reuters) - Gem Diamonds Ltd ::Recovery of a 98.42 carat high quality D-colour type ii diamond which will be sold in june.Sold 39 950 carats for an average price of US$1 636 1 per carat for first three tenders in 2017.Had US$ 29.2 million cash on hand at end of period at march 31.Had US$ 29.7 million worth of undrawn and available facilities at period end.Had US$ 29.7 million worth of undrawn and available facilities at period end at march 31.Waste mined during period was 7 811 416 tonnes and overall stripping ratio was 4.39 for period ended March 31.Letšeng treated a total of 1.4 million tonnes of ore during period ended March 31.Current average price achieved is up 13% from US$1 444 per carat achieved in previous period, Q4 2016.  Full Article

Gem Diamonds recovers 80 carat diamond in Lesotho
Thursday, 4 May 2017 02:00am EDT 

May 4 (Reuters) - Gem Diamonds Ltd ::Recovered high-quality 80 carat, D colour type II diamond from Letšeng mine in Lesotho.One of highest quality diamonds recovered at Letseng mine and is entirely undamaged making this a significant recovery - CEO.  Full Article

Gem Diamonds appoints Harry Kenyon-Slaney as chairman
Tuesday, 18 Apr 2017 02:00am EDT 

April 18 (Reuters) - Gem Diamonds Ltd ::Appointment of Harry Kenyon-Slaney as an independent non-executive director and chairman of company.Appointment to succeed Roger Davis who will be stepping down at annual general meeting.Kenyon-Slaney's appointment will take effect after annual general meeting of company being held on 6 June 2017.  Full Article

Gem Diamonds says recovers 114 carat diamond at a Lesotho mine
Friday, 7 Apr 2017 02:21am EDT 

Gem Diamonds Ltd : Recovery of exceptional 114 carat diamond .Recovery of a 114 carat, D colour type II Diamond of exceptional quality from Letšeng mine in Lesotho..  Full Article

Gem Diamonds records FY impairment of $176.5 mln after decision to place Ghaghoo on care, maintenance
Wednesday, 15 Mar 2017 03:28am EDT 

Gem Diamonds Ltd : FY attributable loss of $158.8 million and basic loss per share of 114.9 US cents after exceptional items . Expect weakness in market for Ghaghoo's diamonds to be further exacerbated by increase in supply from three new mines in Feb 2017 . FY revenue 189.8 million usd versus 249.5 million usd year ago . FY underlying EBITDA $62.8 million versus $103.5 million year ago . FY profit before tax from continuing operations $52.4 million versus $99.0 million year ago . Board has resolved not to propose payment of a dividend in respect of 2016 financial year . FY average price per carat for Letseng diamonds $1,695 versus $2,299 year ago . Says medium to long-term outlook for diamond demand is expected to remain favourable . Exceptional items of $176.5 million non-cash impairments after decision to place Ghaghoo on care and maintenance . Says group is well positioned to maximise shareholder returns and remains confident in its ability to continue delivering returns to shareholders . At Letšeng, implementation of updated life of mine plan is expected to improve cash flows through an optimised waste mining profile . Chairman Roger Davis will be stepping down at this year's annual general meeting Further company coverage: [GEMD.L] ((Bangalore.newsroom@thomsonreuters.com;)).  Full Article

Gem Diamonds to place Botswana's Ghaghoo mine under maintenance
Thursday, 16 Feb 2017 03:16am EST 

Gem Diamonds Ltd : Update on the future of the Ghaghoo mine . Company's board has decided that Ghaghoo mine in Botswana will be placed on care and maintenance with immediate effect .Anticipated that, post once off settlement costs, this will result in an annualised care and maintenance cost of $3 million.  Full Article

Gem Diamonds says mood of diamond market continues to remain cautious
Monday, 6 Feb 2017 02:00am EST 

Gem Diamonds Ltd : Q4 2016 trading update . Full year operational guidance achieved . Group had us$ 30.8 million cash on hand as at 31 December 2016, of which us$ 28.5 million is attributable to gem diamonds limited. . At Letšeng, full year operational guidance achieved . At Letšeng: waste mined 7 861 775 tonnes (19 pct increase from 6 626 385 in q3 2016), taking full year waste mined to 29 776 058 tonnes. . At Letšeng, ore treated 1 697 070 tonnes (5 pct increase from 1 612 728 in q3 2016), taking full year ore treated to 6 646 098 tonnes. . Overall mood of diamond market continues to remain cautious . Review of Letšeng mine plan is currently being undertaken to further optimise waste mining profile which in turn will improve cashflow .This review will be completed during q1 2017 and is likely to lead to reduced waste tonnes mined..  Full Article

Gem Diamonds says H1 core earnings fall
Wednesday, 17 Aug 2016 02:00am EDT 

Gem Diamonds Ltd : H1 revenue 109.1 million usd versus $118 mln a year ago . Says H1 cash on hand of $66.5 mln as at June 30 2016 ($53.2 mln attributable to Gem Diamonds) . Says first half of 2016 saw a decline in number of +100 carat diamonds recovered at Letšeng compared to 2015 . Says ordinary dividend of 5 us cents per share ($6.9 mln) and special dividend of 3.5 us cents per share paid on June 14 . Says first sale of 14,114 carats achieved $160 per carat ($2.3 mln) . Second sale of 16,163 carats achieved $155 per carat ($2.5 mln) . Says H1 underlying EBITDA of $43.5 mln ($46.1 mln in H1 2015) . Says H1 attributable profit (before exceptional item) of $13.4 mln($15.4 mln in H1 2015) .Says H1 attributable loss of $26.6 mln and basic loss per share of 19.23 U.S. cents.  Full Article

Gem Diamonds says FY cost guidance may need to be re-assessed
Wednesday, 10 Aug 2016 02:00am EDT 

Gem Diamonds Ltd : Extreme weather conditions have recently been experienced across Maluti mountains in Lesotho, where Letšeng mine is located . With excessive snow falls and severe winds limiting access to mine . Full year guidance for ore tonnes treated and operating costs may need to be re-assessed . Full year carats recovered will likely be within original guidance . Following damage to overhead power lines, standby generators installed at mine have been used to mitigate some of impact, allowing plants to operate, albeit at reduced rates . External power supply is expected to be fully restored in short term .Due to strong operational performance in h1, carats recovered are not expected to be affected materially.  Full Article

Gem Diamonds says at Letšeng in H1 recovered 57,380 carats
Tuesday, 19 Jul 2016 02:00am EDT 

Gem Diamonds Ltd : At letšeng in h1 recovered 57 380 carats during period (50 019 carats in h1 2015) . At letšeng in h1 average grade achieved over period was 1.72 cpht (1.61cpht in h1 2015) .At letšeng in h1 average price of us$ 1 899 per carat achieved in h1 2016 (us$ 2 264 in h1 2015).  Full Article

More From Around the Web

UK's Gem Diamonds FY pretax profit nearly halves on Botswana mine impact

March 15 Gem Diamonds Ltd reported on Wednesday a 47 percent fall in its full-year pretax profit, hurt by an impairment charge after it mothballed the Ghaghoo mine in Botswana due to a fall in diamond prices.