Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Gem Diamonds (LSE: GEMD) has unearthed a 129.71-carat type II white diamond at its Letšeng mine in Lesotho.
The diamond, recovered on August 23, is the tenth +100-carat stone the company has recovered so far in 2024.
In June, Gem Diamonds unearthed a 172.06-carat Type II white diamond at Letšeng, just days after another major find.
The Letšeng mine, owned 70% by Gem Diamonds, is known for the production of large, exceptional white diamonds, making it the highest-dollar-per-carat kimberlite diamond mine in the world.
Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.
The Letšeng mine is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.
