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.
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