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Gem Diamonds Ltd - London-based diamond producer with diamond mining operations in Lesotho and Botswana - Sells more carats while producing less in the half-year to June 30. Revenue from carat sales grows 2.3% to $99.6 million from $97.3 million in the second half of 2021. Sells 57,075 carats, up 4.5% from 54,573. Average price per carat falls 2.1% to $1,745 from $1,783.
In the second quarter, produces fewer carats than a year ago. Production falls 10% to 26,727 from 29,821 a year ago. Quarter-on-quarter production declines by 6.0% from 28,430.
Referring to its Letseng mine in Lesotho, firm says: ‘During the period, Letseng experienced excessive rain, increased power disruptions on the energy supply network and negative impacts on the supply of critical parts and spares of equipment which impacted production. However, the 2022 production metrics remain on track to be achieved, albeit at the lower end of original guidance published in March 2022. The related cost impact of disruptions to the supply chain, combined with significant increases in fuel, explosives and other consumables prices were experienced in the period, exacerbated by the Russian invasion of Ukraine.’
Current stock price: 40.60 pence, down 15% on Wednesday
12-month change: down 35%
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