Gem Diamonds cuts production guidance after troubled October
for 2022 after a difficult October, but said it continued to benefit from high diamond prices.
The miner suspended production in October for two days at its Letšeng mine in Lesotho, to allow for votes in a general election. Additionally, a secondary crusher broke down at its Plant 2 and it also experienced power disruptions.
The company said it recovered 25,018 carats during the quarter, taking the year-to-date total to 80,174 carats, down from 82,266 carats in the same period last year. Revenue in the period reached $56.6 million, compared with $47.3 million for the third quarter of 2021. The average price achieved in the three months was $2,028 a carat compared with $1,589 a carat in the same quarter last year.Large, high-value diamonds over 100 carats recovered at the mine contribute between 70% and 80% of the company’s revenue every year
Gem Diamonds expects carat recovery and sale guidance for the year of104,000 carats, down from a previous 112,000 to 116,000 carats range, with sales of roughly 105,000 carats, down from around 110,000 to 114,000 carats previously.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2022 Cadillac Escalade vs 2022 Lincoln Navigator | Car News | Auto123How to choose between the 2022 Cadillac Escalade and 2022 Lincoln Navigator? Auto123 puts two pretty immodest models in competition.
Read more »
Cadillac Escalade 2022 vs Lincoln Navigator 2022 | Actualités automobile | Auto123Comment choisir entre le Cadillac Escalade 2022 et le Lincoln Navigator 2022? Auto123 met en concurrence deux modèles avec zéro pudeur.
Read more »
Holiday Hits 2022, Week 1: Hot Toys of 2022The Toy Insider’s Laurie Schacht is highlighting some of the hottest toys of 2022.
Read more »
Celebrity Halloween Costumes 2022: So Much Money, So Little ImaginationStars went as themselves, as other hot people, or as characters with extremely elaborate costumes that require nothing but deep pockets to pull off.
Read more »
Valley voter guide for the 2022 Arizona General ElectionThe 2022 General Election is quickly approaching. Here are key dates, candidate profiles for many of the major races, and other things voters should know before heading to the polls.
Read more »