Gem achieves $100m business transformation target
London-listed Gem Diamonds says it achieved its four-year business transformation target of $100-million in incremental revenue, productivity improvements and cost savings by the end of 2021.
All operational and financial metrics for the year were also within, or better than, guidance, the diamond miner notes in an update to shareholders.
The miner, which operates the Letšeng mine, in Lesotho, produced 115 335 ct of diamonds – a 14% increase on the 100 780 ct recovered in 2020.
It sold 109 697 ct of diamonds for $201.3-million in the year under review, compared with the 99 172 ct sold for $189.1-million the year before.
Gem had recovered 225 large diamonds during 2021, compared with 262 in 2020. Among the large diamonds recovered this year were six larger than 100 ct each.
Meanwhile, CEO Clifford Elphick says the company is pleased to have successfully concluded group-wide debt refinancing.
An additional lender joined the lender group, bringing the total number of lenders to three, and the group's revolving credit facilities were increased from $61.3-million to secured facilities of $77-million.
Of that, $32.3-million of the facilities are sustainability-linked loans where the margin and resultant interest rate will decrease subject to the group meeting certain carbon reduction and water conservation key performance indicators that are aligned with the group's sustainability strategy.
"The successful conclusion of sustainability-linked loans is testament to the strength and focus on sustainability throughout our group."
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