Business
Interim Management Statement
Interim Management Statement.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 7872G Gem Diamonds Limited 12 May 2014 \n\n12 May 2014 \n \nGEM DIAMONDS LIMITED\nInterim Management Statement for Year to May 2014\n \n \nGem Diamonds Limited (LSE: GEMD) reports its Interim Management Statement (IMS) for the Period\n1 January 2014 to 9 May 2014 (the Period).\n \nHighlights:\n \nLetšeng:\nContinued strong performance underpinning the strength of the Letšeng asset as a world class mine\n· 26 055 carats recovered in Q1 2014, up 39% on Q1 2013.\n· 30 060 carats sold in the first three exports of 2014, up 4% on Q1 2013.\n· An average value of US$ 2 723 per carat was achieved for the first three sales of 2014, up 70% on Q1 2013.\n· 17 rough diamonds achieved a value in excess of US$ 1.0 million each during the Period.\n· 44 rough diamonds achieved a value in excess of US$ 20 000 per carat during the Period. \n· A total of 171 rough diamonds greater than 10.8 carats in size were sold in the Period, equating to 81% of Letšeng's revenue for the Period. \n· Two exceptional large diamonds (a 162.02 carat and a 161.31 carat) were recovered in January 2014 and sold in February for US$ 11.1 million and US$ 2.4 million respectively.\n \nGhaghoo: \nStrong progress at Ghaghoo continues to build long term value potential\n· Kimberlite was intersected in the first production tunnel on level 1 in early May 2014. \n· Drilling of the first (of three) ventilation holes was completed during the Period, and the second is well advanced.\n· Commissioning of the plant is progressing well and on schedule.\n \nCash:\nRobust financial position and cashflows providing financial flexibility to meet medium term objectives\n· The Group maintains its strong cash position with US$ 89.1 million cash as at 30 April 2014, of which\nUS$ 78.6 million is attributable to Gem Diamonds. (US$ 71.2 million as at 31 December ...