15th Nov 2013 11:17
LONDON (Alliance News) - GEM Diamonds Ltd Friday said it had recovered 25,559 carats at its Letseng mine in the third quarter, up 9% on the second quarter, while its exports achieved an average value of USD2,022 a carat, up from USD1,855 in the second quarter and USD1,741 a year earlier.
In a trading update, the diamond miner said 13 rough diamonds achieved a value in excess of USD1 million each, bringing to total for the year that achieved this price to 22.
"We are continuing to look at opportunities to improve operating efficiencies at Let?eng. In line with this, the installation of the new cone crushers is complete and we believe that this will enable us to better harness the value of the Let?eng mine as we look to reduce diamond breakage," Chief Executive Clifford Elphick said in a statement.
The company said it is continuing to make progress developing its Ghaghoo mine, with the decline tunnel extending. It has also completed the plant at the mine and expects commissioning to take place early in the second quarter of 2014.
It said it had USD63.6 million in cash at the end of October, up from USD61.5 million at the end of June.
GEM Diamonds shares were up 0.3% at 153.938 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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