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Gem Diamonds pays Lesotho over $32m in 2019

16 june 2020
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Image credit: Gem Diamonds

Gem Diamonds paid $32.1 million to the government of Lesotho in taxes, royalties and licence fees for the year ended December 31, 2019.
The LSE-listed company is obliged to disclose payments to governments regulations that are equal to or exceed $110 000 (£86 000).
However, all payments below this threshold were excluded.
Gem Diamonds paid $17.3 million in taxes to the Lesotho Revenue Authority.
It further paid $14.6 million in royalties as well as $122 000 in licence fees to the government of Lesotho.
The company owns 70% of the Letšeng mine in Lesotho and is currently in the process of selling its 100% share of the Ghaghoo mine in Botswana. 
Since Gem Diamonds acquired Letšeng in 2006, it has produced more than 60 +100 carat, large, top colour, exceptional white diamonds.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished