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Gem Diamonds Ltd (GEMD.L)

GEMD.L on London Stock Exchange

80.00GBp
17 Aug 2017
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131,903
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75.25

Latest Key Developments (Source: Significant Developments)

Gem Diamonds first-half underlying core earnings fall
Thursday, 17 Aug 2017 02:18am EDT 

Aug 17 (Reuters) - GEM DIAMONDS LTD ::H1 REVENUE 92.9 MILLION USD VERSUS 109.1 MILLION USD YEAR AGO.HY ‍REVENUE US$92.9 MILLION (US$109.1 MILLION IN H1 2016)​.HY ‍UNDERLYING EBITDA US$13.0 MILLION (US$43.5 MILLION IN H1 2016)​.CASH ON HAND AT HY END AT US$20.0 MILLION​.‍LETSENG CARATS RECOVERED OF 50 478 (57 380 CARATS IN H1 2016)​.‍AT THIS EARLY STAGE US$15 MILLION OF ANNUALISED EFFICIENCY AND COST REDUCTION INITIATIVES HAVE BEEN IDENTIFIED FOR IMPLEMENTATION FROM OCT​.‍CAPITAL AND CASH MANAGEMENT DISCIPLINE REMAINS A HIGH PRIORITY IN SHORT TERM​.‍OPTIONS FOR GHAGHOO ASSET WILL BE CONSIDERED AND FOCUS WILL REMAIN ON FURTHER OPTIMISING CARE AND MAINTENANCE COSTS​.HALF YEAR 2017 RESULTS.  Full Article

Gem Diamonds says Letšeng achieved average price of $1779 per carat in H2
Tuesday, 25 Jul 2017 02:00am EDT 

July 25 (Reuters) - GEM DIAMONDS LTD ::GROUP HAD $20.0 MLN CASH ON HAND AT END OF PERIOD TO JUNE 30 OF WHICH $16.1 MLN IS ATTRIBUTABLE TO GEM DIAMONDS.FOR LETŠENG ACHIEVED AN AVERAGE PRICE OF $1779 PER CARAT FOR PERIOD, UP 20 PCT FROM $1480 PER CARAT IN H2 2016.  Full Article

Gem Diamonds says recovery of high quality 126 carat diamond from Letšeng mine
Thursday, 6 Jul 2017 02:00am EDT 

July 6 (Reuters) - Gem Diamonds Ltd ::Recovery of high quality 126 carat diamond.Recovered high quality 126 carat, D colour type IIA diamond from Letšeng mine in Lesotho.  Full Article

Gem Diamonds says recovers diamonds worth 104.73 carat,151.52 carat diamonds
Monday, 12 Jun 2017 02:00am EDT 

June 12 (Reuters) - Gem Diamonds Ltd ::Recovery of 104.73 carat and 151.52 carat diamonds.Announce recovery of a high-quality 104.73 carat, d-colour type IIA diamond and a 151.52 carat type I yellow diamond from letšeng mine in Lesotho.  Full Article

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

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.