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Gem Diamonds says Letšeng resource base, revenue up

26 july 2012

Gem Diamonds has reported an increase in carats of 10 per cent at the Letšeng resource base due to higher resource grade estimates.
It said in a statement that its Letšeng revenue estimate had also increased by five percent to an overall value of $2,839 per carat.
Lesotho’s Ghaghoo resource base remained unchanged at 20.53 million carats while its revenue estimate increased by 16 percent to an overall value of $259 per carat.
Australia’s Ellendale resource base eased 15 percent to 3.98 million carats, but its overall revenue estimate increased by 16 percent.
The mine’s indicated resource revenue estimate also went up by 54 percent.
The total resource base had been maintained at around 29m carats while the indicated portion of the total carat resource had been maintained at 62 percent.
Gem said that an increase in diamond liberation for Letšeng's plant 3 was expected to add a further 4 percent increase in the mine's revenue, which had not been included in the 2011 reserve statement.

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