Business
Full Year 2019 Results
Full Year 2019 Results.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \n \n RNS Number : 6963F\n Gem Diamonds Limited\n 11 March 2020\n \n \n \n \n Wednesday, 11 March 2020\n \n \n \n \n \n Gem Diamonds Limited\n \n \n Full Year 2019 Results\n \n \n \n \n \n Gem Diamonds Limited (LSE: GEMD) (\"Gem Diamonds\", the \"Company\" or the \"Group\") announces its Full Year Results for the year ending 31 December 2019 (the \"Period\").\n \n \n \n \n \n FINANCIAL RESULTS:\n \n \n · \n Revenue of US$182.0 million (US$267.3 million in 2018)\n \n \n · \n Underlying EBITDA from continuing operations of US$41.0 million (US$87.7 million in 2018)\n \n \n · \n Profit for the year from continuing operations US$15.0 million (US$52.4 million in 2018)\n \n \n · \n Attributable profit from continuing operations US$7.1 million (US$31.7 million in 2018)\n \n \n · \n Earnings per share from continuing operations 5.1 US cents (22.9 US cents in 2018)\n \n \n · \n Cash on hand of US$11.4 million as at 31 December 2019 (US$9.2 million attributable to Gem Diamonds)\n \n \n \n \n \n OPERATIONAL RESULTS:\n \n \n Letšeng\n \n \n · \n Carats recovered of 113 974 (126 875 carats in 2018)\n \n \n · \n Waste tonnes mined of 24.0 million tonnes (25.8 million tonnes in 2018)\n \n \n · \n Ore treated of 6.7 million tonnes (6.5 million tonnes in 2018)\n \n \n · \n Average value of US$1 637 per carat achieved (US$2 131 in 2018) \n \n \n · \n Eleven diamonds larger than 100 carats each recovered (fifteen in 2018)\n \n \n · \n The highest dollar per carat achieved for a white rough diamond during the year was US$48 255 per carat\n \n \n \n \n \n Lease renewal\n \n \n The signing of the new mining lease in October 2019 secures Gem Diamonds' mining right at Letšeng until 2039. The new lease sees the royalty rate on diamond sales increase from 8% to 10%, shareholding in the mine remain unaltered (Gem Diamonds at 70% and Government of the Kingdom of Lesotho at 30%) and an increase in the number of work permits that may be granted.\n \n \n \n \n \n Technology and innovation\n \n \n With the construction of the pilot plant Gem Diamonds has made progress on the identification, validation and testing of technologies from various industries to complement its innovation drive of early detection and non-mechanical means of liberating diamonds. \n \n \n \n \n \n Commenting on the results today, Cliffor...