While the volume of carats Gem Diamonds sold in Q1 2019 (Jan. 1 - March 31) from its Letšeng mine in Lesotho fell by 18% from the previous quarter to 27,335 carats, those sales packed a punch, generating $51.9 million in value, a 24% increase from Q4 2018. Still, the miner could not keep pace with its torrid start to 2018.
A mechanical breakdown and the mining of a lower grade area of the Liqhobong Diamond Mine in Lesotho led to a signficant production decline for Firestone Diamonds during the quarter ended 31 March 2019 (Q3 of tFY 2019), but revenue rose on a rebound in the average price per carat and the sale of high value stones.
Lucapa Diamond Co. has reported an "excpetional performance" from the Mothae kimberlite mine in Lesotho in its first full quarter of production, while output from the Lulo alluvial mine in Angola fell as the miner focused predominantly on lower grade mining areas. The miner held two milestone tenders during Q1 2019: its first ever sale of Lulo diamonds via international tender under the new diamond marketing reforms enacted by the Angolan President, Joao Lourenco, and its first commercial run of mine tender from Mothae via Bonas tender house in Antwerp.
Lucapa Diamond Company last week has agreed on funding and refinancing arrangements which will improve its financial position and reduce its financing costs, the company said in an ASX announcement. The move will enable Lucapa to reduce the higher-cost debt used to fund the development of the new high-value Mothae diamond mine in Lesotho.
Firestone Diamonds recovered of a 72 carat yellow, makeable diamond from its Liqhobong Mine in Lesotho, during the past weekend. The 72 carat diamond was recovered together with a 22 carat makeable white stone, followed by an 11 carat fancy light-pink stone. These diamonds will go on sale via First Element tender house at the next tender in Antwerp, which is scheduled to take place from May 8-14 2019 (see the entire Antwerp tender schedule here).
Firestone Diamonds increased its first half (ended 31 December 2018) revenue to $27.4 million from three sales at First Element tender house in Antwerp despite soft prices, the miner announced late last week. Firestone managed to top the $26.0 million from four sales in H1 last year through an increase in the volume of carats sold, while the average value per carat fell 4% to $71 from $74 per carat in H1 2018, impacted by prices for smaller, lower value diamonds. The miner also managed to decrease it loss for the period to $6.6 million from $7.8 million in H1 2018.
Gem Diamonds unearthed a 161-carat top-quality Type II white diamond at the Letseng mine in Lesotho on 21 March 2019. It is the first recovery announced of a diamond weighing more than 100 carats in 2019, but not their first major find of the year. Last month, Gem recovered a high-quality 13.33-carat Type I pink diamond, which sold for $8,750,360 in Antwerp.
Gem Diamonds, which operates the Letšeng mine in Lesotho, recovered four high-quality diamonds larger than 100 carats in January 2018 and never looked back, riding a record number of +100-carat diamond recoveries in a single calendar year (15) to increased revenues and profit, but they have declined to pay out a dividend. The first big find of the year was the exceptional 910-carat Lesotho Legend, which the miner sold last March for $40 million.
Australian diamond miner Lucapa has reached two milestones in the space of a month: first, the inaugural international tender of Angolan diamonds offered for sale via a competitive tender under the new diamond marketing policy enacted by the Angolan President, Joao Lourenco, and the maiden tender of goods from the Mothae mine in Lesotho held at Bonas t
Australian junior miner Lucapa Diamond Co. held the first sale of diamonds at the Bonas tender house in Antwerp from the new 1.1Mtpa Mothae kimberlite plant in Lesotho, marking the mine's arrival on the international market. The parcel of 5,411 carats of rough diamonds recovered during the plant ramp-up phase in Q4 2018 and in the first month of commercial mining operations at Mothae in January 2019 sold at tender in Antwerp for a total of US$3.8 million.
A delegation of ministers and miners from the mountain Kingdom of Lesotho visited the Antwerp World Diamond Centre (AWDC) and its Diamond Office today for the final days of the first run-of-mine tender of diamonds from Lucapa's Mothae mine, held at Bonas tender house. About 5,000 carats will be up for grabs in Antwerp and is said to include specials from Mothae, featuring high color whites weighing 78 carats and 38 carats as well as an 89-carat yellow. We will provide additional information from the sale when available.
Firestone Diamonds has announced the recovery of a 70 carat white, makeable diamond from its Liqhobong Mine in Lesotho.
Firestone Diamonds, a diamond producer with operations focused in Lesotho (Liqhobong Diamond Mine), reported "reasonsable" results in the quarter ended 31 December 2018 (Q2), increasing sales despite the "deterioration" in demand and prices for smaller, lower value stones. The miner sold 191,735 carats during the quarter, a slight decline from the 194,206 carats sold last quarter, realising revenue of $13.9 million (Q1: $13.5 million) at an average value of $72 per carat (Q1: $70 per carat).
Lucapa Diamond Company has commenced commercial diamond recoveries at its new 1.1Mtpa (million tons per annum) Mothae mine, a "high-quality kimberlite resource" located in Lesotho. Lucapa has been developing a new mine at Mothae throughout 2018 to complement production from the high-value Lulo mine in Angola. During Q4 2018, Lucapa completed construction of Mothae's new treatment plant, which incorporates two XRT diamond recovery circuits, and commenced the commissioning phase.
Gem Diamonds brought 2018 to a close much in the same way that it opened the miner's banner year - with the unearthing of a 125-carat high quality white, Type IIa diamond - recovered from the Letšeng mine in Lesotho. It was the fifteenth diamond greater than 100 carats the London-based miner recovered in 2018. The recovery, which took place on December 20, following the December 19 announcement of the recovery of high quality 101 carat and 71 carat white Type IIa diamonds, both recovered within a twenty four hour period.
Firestone Diamond has announced the recovery of a 46-carat white, makeable diamond from its Liqhobong Mine in Lesotho. The stone was recovered undamaged and will go on sale at the next tender which is scheduled to take place in Antwerp at the end of January 2019. The miner's sold a similar stone in Antwerp, a 67.6-carat white makeable for $900,000.
Lucapa Diamond Company, which only two weeks ago commenced its commissioning of the 1.1Mtpa (million ton per annum) treatment plant at the high-quality Mothae kimberlite open-pit diamond mine in Lesotho, will be holding its first ever tender of Mothae diamonds in Antwerp, starting November 12. The Mothae treatment plant, which incorporates two XRT diamond recovery circuits, will be ramped up to its nameplate capacity throughout the December quarter.
Gem Diamonds said its third quarter (ended 30 September) production from its Letšeng mine in Lesotho rose 27% compared to Q2 2018, and the miner has raised its production and sales guidance for the year. Gem Diamonds now anticipates is full-year output to reach 120 to 124 million carats, up from the 114 to 118 million carats announced last March. The announcement follows improved mining efficiencies and strong production during the period. The miner also projects to sell 118,000 to 122,000 carats, up from 112,000 to 116,000 carats announced previously.
All signs are pointing upward for Lucapa Diamond Co. these days, with the exception of their rough diamond sales in Q3, which fell by 49% as the miner withheld several exceptional, large and premium-value specials (+10.8 ct.) for sale at a later date. This parcel (pictured) includes a 46-carat pink, and top-color Type IIa white diamonds weighing 114, 85, 75, 70, 62, and 43 carats respectively.
Firestone Diamonds posted solid production amid middling sales results in Q1 2019 (ended 30 September 2018), but its majority-owned Liqhobong Diamond Mine in Lesotho got off a strong start to the second quarter after selling its third most valuable stone to date. The start of Q2 was highlighted by the second sale of the 2019 financial year, where the diamond miner sold a total of 102,835 carats for US$8.2 million on October 26, including a 68 carat white diamond, the third most valuable stone sold to date for just under US$10 million, and a 20 carat yellow diamond.
Lucapa Diamond Company has commenced its commissioning of the 1.1Mtpa (million tonne per annum) treatment plant at the high-quality Mothae kimberlite open-pit diamond mine in Lesotho (Lucapa 70%; Gov't of Lesotho 30%), despite the challenges of the winter snowfalls in the Maluti Mountains (altitude > 3,000 metres).
Gem Diamonds has recovered a 357 carat light brown high-quality diamond trom its 70 percent-owned Letšeng mine in Lesotho, representing the 13th stone larger than 100 carats the miner has unearthed this year, a company record. The latest find is Gem's second-largest this year, with their largest being the 910 carat Lesotho Legend, a D color Type IIa diamond recovered in January, which sold for $40 million last March.
CEO of Australia’s Lucapa Diamond Company, Stephen Wetherall, paid a visit to Antwerp recently, where The Diamond Loupe caught up with him. We encountered an optimistic CEO that is clearly excited about the future of Lucapa, and justifiably so. The growing miner operates, together with its partners in Angola, the highest-value and most promising alluvial diamond project in the world - the Lulo Diamond Project.
Firestone Diamonds has just completed its first full year of production at the Liqhobong Diamond Mine (75% Firestone, 25% Government of Lesotho), ending an "eventful" year with mixed results. The company describes their first full year of production as "characterised by exceptional operational performance", as Firestone achieved their carat recovery guidance and exceeded their tonnage treated while operating at significantly lower cost than expected, and maintained an unblemished safety record.
Ari Epstein, CEO of the Antwerp World Diamond Centre (AWDC), along with several representatives from the Antwerp diamond industry today met King Letsie III of Lesotho in Brussels. Lesotho, a mountainous country fully surrounded by South Africa and numbering only two million inhabitants, is the world’s seventh most important diamond-producing country in terms of value. Lesotho’s entire diamond production, worth $342 million in 2017, is traded on the Antwerp market.
Lucapa Diamond Company today announced that a selection of large, premium-value Lulo diamonds will be the first Lulo production sold through new marketing channels being introduced as part of Angola’s diamond sector reforms, which represent a milestone for Angola's rough diamond trade. Additionally, Lucapa has exported its first parcel of ~2,500 carats of diamonds recovered from the Mothae kimberlite diamond mine in Lesotho to the global diamond trading centre of Antwerp, Belgium.
Gem Diamonds, which operates the Letšeng mine in the mountainous kingdom of Lesotho in southern Africa, famous for producing the world’s most valuable stones, is in the midst of a banner year as a record number of large diamond recoveries (+100ct) pushed revenue to $167.7 million, up 81% from $92.9 million in H1 2017. The company set a half year record of ten diamonds greater than 100 carats, including the recovery of the 910 carat Lesotho Legend, which was sold in March to an Antwerp company for $40 million ($43,912 per carat).
Namakwa Diamonds, the majority owner of the KAO mine in Lesotho, has announced the discovery and upcoming sale of its latest exceptional find, a 29.59 carat Fancy Pink diamond, named ‘The Rose of KAO’. The Rose was found on 12 June this year at Namakwa Diamond’s flagship mine KAO in Lesotho (owned 74.99% by Namakwa Diamonds, the rest by the government of Lesotho). The Rose will be shown and tendered in Antwerp with Bonas-Couzyn NV during KAO's fourth sale of the year (KAO-1804) from late September to early October.
Gem Diamonds has recovered a 138 carat, top white color Type IIa diamond from the Letšeng mine in Lesotho. This recovery is now the twelfth diamond of over 100 carats in 2018, and a record for the Company in terms of the number of diamonds of over 100 carats recovered in a year.
Gem Diamonds Limited (LSE: GEMD) recoverd a 100.5 carat, top white color Type IIa diamond from the Letšeng mine in Lesotho, the eleventh diamond of over 100 carats in 2018. Just past the halfway mark of the year, Gem Diamonds has already surpassed its large diamond recovery from 2017 (8), more than doubles that of 2016 (5) and is the first time they have recovered 11 such stones since 2015. It is the first in +100 recovery in H2 of 2018, following a remarkable string of recoveries in the first half of the year. The miner dug up its 10th massive gem in early June: a 102-carat diamond.
Firestone Diamonds, a new diamond producer with operations focused in Lesotho (Liqhobong Diamond Mine, owned 75% by Firestone and 25% by the Government of Lesotho), reports it achieved "exceptional operational performance result[ing] in several new production-related records during the final quarter." Specifically, its Q4 recoveries were 36.8% higher than Q3 at 263,512 carats, resulting in a full year total of 835,832 carats, within guidance of between 800,000 and 850,000 carats.
Gem Diamonds Limited today announced the recovery of yet another large, high-quality diamond, this time weighing 115 carats. The stone is top white colour Type IIa diamond, recovered from the Letšeng mine in Lesotho. This is the ninth diamond of over 100 carats recovered in 2018, already exceeding the total number of diamonds of over 100 carats recovered in 2017.
Firestone Diamonds, a new diamond producer with operations focused in Lesotho, announced that Paul Bosma has been appointed as the new Chief Executive Officer with effect from July 1 2018, following Stuart Brown's decision to step down as CEO and Director of the company. Firestone writes in its statement that Paul Bosma has more than 24 years' experience in the mining industry, of which 14 years have been in the diamond sector where he worked for De Beers. He joined Firestone in 2014 as the Mineral Resources Manager and in 2016 became General Manager of Liqhobong mine.
A veritable bonanza of large diamond recoveries, including the 910-carat Lesotho Legend, a high-quality diamond unearthed on 15 January - the second largest gem quality diamond recovered in the past century - sent Gem Diamonds' revenues soaring to the tune of an 174% increase in Q1 2018.
London-based miner Gem Diamonds has announced that the government of Lesotho, represented by the Prime Minister and Minister of Mining, has confirmed their intention to renew the mining lease of the high-value Letšeng mine until 2034. The mining lease may be further extended if necessary in relation to any underground development of the mine thereafter. The full terms of the renewed mining lease are subject to a statutory negotiation process with the Lesotho Mining Board and, when agreed, will be contained in a new mining lease agreement.
Firestone Diamonds, which mines the Liqhobong mine in Lesotho (75% Firestone, 25% government of Lesotho) reports an increase in production during the third fiscal quarter ended 31 March 2018, as the higher grade led to a 6.6% rise in diamond recoveries despite challenging conditions due to above average rainfall during the wet season.
The Lucapa Diamond Company has announced it has secured major investment backing from a new cornerstone investor and existing shareholders to advance its diamond projects and continue delivering on its growth strategy. The US$12.7 million (A$16.5 million) placement, at no discount to market price, will enable Lucapa to immediately launch an extensive follow-up exploration program, including further drilling, at the Brooking diamond discovery in Western Australia’s West Kimberley region, the company states.
Gem Diamonds returned to profit in 2017 as it recovered seven diamonds over 100 carats, but the miner's prospects are looking even better for the year ahead, as today's announcement of the recovery of a 169 carat stone is the seventh diamond of over 100 carats recovered already in 2018. Gem returned to profitability for the year ending 31 December, recording a profit before tax of $30.3m, up from a loss the previous year of $124.1m; profit after tax was $17.2m (-$144.1m) and attributable profit was $5.5m (-$158.8), after exceptional items.
Gem Diamonds this morning announced the sale of the "Lesotho Legend": the exceptional quality 910 carat D colour Type IIa diamond recovered from the Letšeng mine in January 2018 achieved a price of US$40 million on tender in Antwerp on 12 March, 2018. It is the fifth largest gem-quality diamond ever recovered in history and the third largest in a century.
The run of large diamond finds by London-based miner Gem Diamonds keeps going, as the company has announced the recovery of yet another huge diamond of exceptional quality, this time a 152 carat, D color Type IIa diamond from the Letšeng mine in Lesotho, the highest dollar per carat kimberlite diamond mine in the world. This is the sixth diamond of over 100 carats recovered in 2018. The third of which was the recovery of the massive 910 carat diamond announced on 15 January, 2018, the fifth biggest diamond find in history.