Gem recovers another 100 ct diamond at Letšeng, shares rise
LSE-listed Gem Diamonds’ share price rose by 7.74% last week after it announced that it had recovered another 100 ct diamond at its Letšeng mine.
The white, Type IIa diamond was recovered on June 22 and is the third diamond larger than 100 ct in size to be recovered at the mine since May.
The other two diamonds included a 164 ct D Colour Type IIa diamond, which was sold for $9-million into a partnership arrangement and a 103 ct yellow diamond.
Meanwhile, Letšeng’s June export tender achieved an aver- age price of $2 087/ct, for a total value of $22-million, compared with an average value of $1 599/ct achieved for the first three tenders in the year.
Gem Diamonds reported that four new secondary and tertiary crushers had been successfully installed at Letšeng on schedule and within budget, and were now operational.
Mining in the higher-value, higher-grade Satellite pipe had also started as planned and would likely result in improved revenues as the build-up of Satellite pipe ore contribution to overall production ramps up for the remainder of this year.
New Crushers Liberum Capital said in a note released last week that the installation of new crushers at Letšeng was bearing fruit.
It pointed out that the market had been concerned that Gem Diamonds was no longer finding the “best stones at reasonable frequency”; how- ever, Liberum believes that the latest trends seen as the mine moves into higher-grade ore should help alleviate such concerns.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
FLANDERS Southern Africa provides integrated solutions for mining and industrial operations, covering field services, automation, electrification,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
