Gem Diamonds Ltd. (LSE:GEMD) announced its 2013 results, commenting that its revenue for the year came to US$213 million, a 5-percent increase from 2012. Attributable net profit rose 23 percent, to US$21 million.
One of the company’s main goals this year was to reduce diamond damage at its Lesotho-based Letšeng mine. That initiative led to “a significant reduction in diamond damage.”
Other financial results include:
- Underlying EBITDA US$77 million, 18%
- Basic EPS US cents 15.3, up 24%
- Cash on hand US$71 million as at 31 December 2013 (net after debt); (US$63 million attributable to Gem Diamonds)
Operational highlights include:
LETŠENG:
- Carats recovered of 95 053
- Average US$ per carat US$2 04*
- Tonnes treated 6.2 million
- Waste tonnes moved 19.1 million tonnes
- 12.47 carat blue diamond sold for US$7.5 million, a Letšeng record of US$603 047 per carat
- Letšeng achieved a 5 star rating in external HSSE audit
*includes carats extracted for polishing at rough valuation
GHAGHOO:
- Construction of the sand portion of the access decline completed
- Extension of the main decline into basalt commenced
- Construction of the processing plant ready for final commissioning.
- Kimberlite intercepted
- US$71.2 million (of a total of US$96 million Phase 1 capital budget) spent as at 31 December 2013
- Ghaghoo maintained its 4 star rating in external HSSE audit
Click here to read the full Gem Diamonds Ltd. (LSE:GEMD) press release.