Business
Cempaka Mine Update
Cempaka Mine Update.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n RNS Number : 1088K Gem Diamonds Limited 15 December 2008 \n \n15th December, 2008 RNS RELEASE\n\n\nGEM DIAMONDS \n'Gem Diamonds' or 'the Company' \n\nGem Diamonds to place the Cempaka Mine on Care & Maintenance\n\n\nGem Diamonds Ltd (LSE:GEMD) released its Operational Update and Trading Statement on 17th November in which the company indicated that it was reviewing the situation at the Cempaka mine in Indonesia which could lead to the low margin operation being placed on care and maintenance.\nThe review has now been completed. Gem Diamonds has decided that due to the impact of the declining price of Cempaka's rough diamonds since the onset of the global economic recession and in line with the company's strategy to focus on cash flow generation, the Cempaka mine will be placed on care and maintenance from 1st January 2009.\n\nGem Diamonds has informed the relevant Indonesian government authorities and agencies about the decision.\n\n\nFor further information:\nGem Diamonds Limited\nClifford Elphick, Chief Executive OfficerGlenn Turner, Chief Commercial Officer\nTel: +44 (0) 203 043 0280\nRichard Chetwode, Investor Relations\nTel: +44 (0) 203 043 0280\nMob: +44 (0) 759 0064 883\nGem Diamond Technical Services Ltd\nAngela Parr, Media\nMob: +27 (0) 83 578 3885\nPelham PR\nCandice Sgroi\nTel: +44 (0) 207 743 6376\nJames Henderson\nTel : +44 207 743 6673\nAbout Gem Diamonds:\nGem Diamonds Limited (LSE: GEMD) was formed with the aim of becoming a leading supplier of high quality diamonds. Principally through Letšeng and Ellendale, Gem Diamonds has moved a long way to realising that vision for rough diamonds. With the acquisition of polishing technologies and expertise, Gem Diamonds intends to achieve the same in relation to selected polished diamonds.\nGem Diamonds has a specific focus towards higher value diamonds, a segment of the market expected to deliver superior long term returns. The Company produces some of the world's most remarkable white diamonds from its Letšeng mine and rare fancy yellow diamonds from its Ellendale mine and an ...