Gem Diamonds Releases H1 Trading Update

Gem Diamonds Ltd. (LSE:GEMD) provided a trading update for the first half of 2013, outlining developments at its Letšeng and Ghaghoo properties as well as its cash situation.

According to the press release, some highlights include:

Letšeng:

• Installation of the four cone crushers in Letšeng’s Plants 1 and 2, aimed at reducing diamond damage, was completed on time and on budget.
• 3 diamonds over 100 carats in size were recovered during the Period: a 164 carat white diamond (which was sold for US$ 9 million into a partnership arrangement); a 103 carat yellow diamond (which sold for US$ 810 000); and a 100 carat white diamond (which sold for US$ 6.45 million in July 2013).

Cash:

• The Group maintains its strong cash position with US$ 61.5 million cash as at 30 June 2013, of which US$ 54.6 million is attributable to Gem Diamonds.
• As at Period end no draw-downs have been made on either of the US$ 20 million or Maloti 250 million (US$ 25 million) facilities.

Click here to read the full Gem Diamonds Ltd. (LSE:GEMD) press release.