GEM Diamonds Halves Net Debt, Despite COVID-19 Turmoil

Mining and Exploration
04/08/2020 08:59

According to MiningMX, GEM Diamonds, operating the high-quality diamond yielding Letšeng mine in Lesotho, halved its net debt to $5.5 million (compared to $10.1 million at the end of 2019) as a result of improving efficiency and successfully reducing costs, such as management salary cuts that remain in place, as well as higher than expected sales results, with an average of $1,707 per carat in the first half of the year. So far, GEM Diamonds sold 16 diamonds for a total of $29.4 million (compared to $26.6 million in the first half of 2019.) The Letšeng mine was closed for one month (March-April) but is operational since the Lesotho government eased restrictions.