Gem Diamond’s Letšeng Mine Achieves Average Price of $2,578 in Q3 2015
November 11, 15
(IDEX Online News) – Gem Diamonds has reported a continuing strong operational performance at its Letšeng mine in Lesotho, as well as production build up at its Ghaghoo mine in Botswana, in the third quarter of 2015.
Diamonds from Letšeng realized an average value of $2,578 per carat in the third quarter. Thirteen rough diamonds achieved a value greater than $1 million each, including an exceptional quality 357 carat Type IIa white diamond, which achieved a tender price of $19.3 million. A total of three diamonds of over 100 carats each were sold in the period.
A total of 29, 460 carats were recovered from the mine the third quarter, up from 28,365 in the third quarter of 2014. Letšeng delivered strong operational performance in ore treated, grade and carat recoveries – which are ahead of previous quarters, and expected to exceed full-year predictions.
At the Ghaghoo mine, 31,923 carats were recovered, an increase of more than 30 percent on the previous quarter, and included two blue rough diamonds weighing 2.2 carats and 1.5 carats. During the third quarter, 115 diamonds greater than 4.8 carats each were recovered, including 13 diamonds larger than 10.8 carats.
A second parcel sold in July achieving an average price of $165 per carat, bringing the total average achieved for the year to date to $176 per carat. The company said, however, that Ghaghoo production faces a very challenging market at present.