Business
Half Year 2017 results
Half Year 2017 results.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 2169O Gem Diamonds Limited 17 August 2017 \n\nHalf Year 2017 results\nGem Diamonds Limited (LSE: GEMD) (Gem Diamonds, the Company or the Group) today announces its half-year results for the six months ended 30 June 2017 (H1 2017 or the Period).\n \nFINANCIAL RESULTS:\n· Revenue US$92.9 million (US$109.1 million in H1 2016)\n· Underlying EBITDA US$13.0 million (US$43.5 million in H1 2016)\n· Attributable net profit, before exceptional items US$49k (US$13.4 million attributable net profit, before exceptional items, in H1 2016)\n· Basic earnings per share 0.04 US cents before exceptional items (Basic earnings per share 9.70 US cents before exceptional items in H1 2016)\n· Cash on hand US$20.0 million\n \nOPERATIONAL RESULTS:\n \nLETŠENG:\n· Waste tonnes mined of 15.0 million (15.3 million tonnes in H1 2016)\n· Ore treated of 3.2 million (3.3 million tonnes in H1 2016)\n· Carats recovered of 50 478 (57 380 carats in H1 2016)\n· Grade recovered of 1.59cpht (1.72cpht in H1 2016)\n· Rough tender revenue of US$88.8 million (US$106.2 million in H1 2016)\n· Average price of US$ 1 779 per carat achieved (US$1 899 per carat in H1 2016)\n· Recovered four diamonds greater than 100 carats \n \nGHAGHOO:\n· Operation placed on Care and Maintenance on 31 March 2017\n \nCommenting on the results today, Clifford Elphick, Chief Executive of Gem Diamonds, said:\n \n\"The improvement in the greater than 100 carat diamond recoveries at Letšeng is encouraging with the US$ per carat achieved trending positively at US$1 779, up 20% from US$1 480 in H2 2016. The latest sale in July achieved US$2 385 per carat. The updated life of mine plan was implemented during the Period with the objective of reducing waste tonnes mined and improve near term cash flows, and mining progressed well against this plan during the Period.\n \nAt Ghaghoo, the mine was successfully placed on care and maintenance during the Period whi...