Gem Diamonds Q4 output up
JOHANNESBURG (miningweekly.com) – London-listed Gem Diamonds reported on Thursday that its production for the fourth quarter, ended December 2012, increased to 30 181 ct, 1% higher than the 29 783 ct produced in the fourth quarter of the previous year, demonstrating relative long-term output stability.
The company’s flagship Lesotho-based Letšeng mine produced two significant diamonds larger than 90 ct, while ten rough diamonds achieved a price in excess of $1-million each during the period.
A further 31 rough diamonds achieved prices greater than $20 000/ct in the fourth quarter, with an average value of $1 703/ct achieved for three exports during the period.
Good prices were realised during what the company describes as a “volatile and challenging” year for the diamond industry, in which diamond prices trended upward for the first half, but weakened in the third quarter to 12% lower than those realised at the start of 2012.
“Despite this, we have continued to see a strong operational performance in the fourth quarter at Letšeng, in line with expectations. The period saw a continued strong operational performance with carats recovered increasing over the prior period,” said Gem Diamonds CEO Clifford Elphick in a statement.
The company continued to make good progress with the procurement of secondary crushers for Letŝeng, which were on target for installation by the end of the second quarter.
It also continued work at its developing Botswana-based Ghaghoo mine, with construction of the processing plant substantially complete and work on preproject preparation, including surface works, anticipated to continue in the second quarter.
Looking ahead, the company expects diamond prices to stabilise in the first quarter of this year.
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