Business
Trading update for Q1 2016
Trading update for Q1 2016.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 4013Y Gem Diamonds Limited 17 May 2016 \n\n \n17 May 2016 \n \n \n \nGEM DIAMONDS LIMITED\nTrading update for Q1 2016\n \nGem Diamonds Limited (LSE: GEMD) (\"Gem Diamonds\" or the \"Company\" or the \"Group\") is pleased to provide the following Trading Update detailing the Group's operational performance for the Period 1 January 2016 to 31 March 2016 (\"Q1 2016\") or (the \"Period\") and sales performance to the date of this report. \n \nLetšeng:\nStrong start to the year with production in line with plan. Prices steady for higher quality goods.\n· Recovered 28 698 carats during the Period (reflecting a 28% increase on the first quarter of 2015).\n· Ore treated was 1 624 964 tonnes (up 14% on Q1 2015).\n· Recovered grade was 1.77cpht (up 12% on Q1 2015).\n· Average price of US$ 1 9381 per carat achieved for first three tenders in 2016 (US$ 2 1571 for the first three tenders of 2015). \n· Zero Lost Time Injuries (LTIs) for the Period, resulting in 522 consecutive LTI free days to the end of the Period. \n \n[1] Refer to section 2.2 \"Rough Diamond Sales and Diamonds Extracted for Manufacturing\" for further details.\n \nGhaghoo:\nProduction slowdown and cost reduction plan implemented.\n· Downsizing process advanced.\n· Buffer zone successfully created to contain sand ingress.\n· Development of production block 2 on Level 1 is progressing well.\n· 47 diamonds greater than 4.8 carats each were recovered during the Period, including 3 diamonds larger than 10.8 carats, with the largest being a 12.99 carat diamond.\n· Recovered 11 029 carats during the Period\n· Achieved US$ 160 per carat for the parcel sold in the Period.\n \nFinancial:\nStrong Balance Sheet maintained. Ordinary and special dividend subject to shareholder approval at the Company's AGM in June.\n· &n...