Business
Update on Ghaghoo sale process
Update on Ghaghoo sale process.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 0099Z Gem Diamonds Limited 12 December 2017 \n\n \n12 December, 2017\n \nGEM DIAMONDS LIMITED\n \n(\"Gem Diamonds\" or \"the Company\")\n \nUpdate on Ghaghoo sale process\n \nIn Gem Diamonds' Half Year 2017 results, announced on 17 August 2017, shareholders were notified that an offer to acquire 100% of the Ghaghoo asset (\"Ghaghoo\") had been received and was being considered by the Board.\n \nDiscussions have not resulted in agreement between parties and this offer has been withdrawn.\n \nThe Company is presently in discussions with other parties interested in acquiring 100% of the Ghaghoo asset and will update the market as and when appropriate.\nThe Board decided to place the Ghaghoo mining operation on care and maintenance in February 2017, due to market conditions. Full care and maintenance status was achieved in March 2017. \n \nThe Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.\n \nFor further information:\nwww.gemdiamonds.com\n \nGem Diamonds\nSusan Wallace, Company Secretarial department\[email protected]\n \n \nCelicourt Communications\nMark Antelme / Jimmy Lea\nTel: +44 (0) 207 520 9261\n \nAbout Gem Diamonds:\nGem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the 20 largest white gem quality diamonds ever recorded.\nAbout Prudential Resources Limited\nPrudential Resources Limited (PRL) is a Mauritian registered special purpose vehicle set up to acquire the Ghaghoo diamond mine from Gem Diamonds Limited. PRL was founded by Paul Smith, Mike Keating, Patrick Harford and Legacy Hill Capital Ltd. \n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END UPDTBBFTMBIBBMR\n ","length":3716,"tagName":"div"}]