Record recoveries of large, high-quality diamonds at the Letšeng mine, in Lesotho, contributed to a strong financial performance for LSE-listed Gem Diamonds in the first half of this year.
The miner, which recovered ten diamonds weighing more than 100 ct each during the six months, on Wednesday reported an 81% year-on-year increase in revenue to $167.7-million, compared with the $92.9-million generated in the first half of 2017.
Underlying earnings before interest, taxes, depreciation and amortisation increased to $68.4-million, from $13-million in the prior comparable period.
Attributable profit, before exceptional items, increased to $24.5-million for the six months under review, compared with $49 000 in the first half of 2017.
“The market for Letšeng's high-quality diamonds has remained robust, with an average price achieved of $2 742/ct during the period, up 54% compared with the $1 779/ct achieved for the first half of 2017,” CEO Clifford Elphick said.