London-listed Gem Diamonds, which owns and operates the Letšeng mine, in Lesotho, says it will maintain its full-year guidance on carat recoveries and sales, despite lowering its guidance for tonnes treated to between 4.9-million and 5.1-million tonnes. In a trading statement for the six months ended June 30, the company notes that increasing electricity interruptions resulted in lower volumes of ore processed, while higher-than-expected internal basalt dilution in certain domains of ore that was treated had impacted on throughput.
London-listed Gem Diamonds, which owns and operates the Letšeng mine, in Lesotho, says it will maintain its full-year guidance on carat recoveries and sales, despite lowering its guidance for tonnes treated to between 4.9-million and 5.1-million tonnes.
To mitigate the impact of internal basalt dilution, and improve plant stability and large diamond recoveries, an operational decision was taken during the second quarter to open crusher gaps and to slow throughput in the processing plant.Ore tonnes treated during the first six months of this year decreased by 1% year-on-year to 2.47-million tonnes, while carats recovered decreased by 2% year-on-year to 50 601 ct.
"The global rough diamond market has experienced a downturn in 2023. A decrease in the number of large, high-value diamonds recovered, combined with market pressure has negatively impacted on the average dollar per carat and revenue achieved during the period," Gem points out.
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