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.
British miner Gem Diamonds Ltd. (LON:GEMD) said Friday it has sold a couple of rare diamonds recovered last month from its Letseng mine in Lesotho, southern Africa, for a combined $12.3 million.
Most of the revenue came from its rare 12.47-carat blue diamond, which fetched $603,047 per carat or a total of $7.5 million, a new record high for a blue stone. The company also sold an 82-carat exceptional quality white diamond for $4.8 million.
Gem Diamonds CEO, Clifford Elphick, said the miner continues to expect recovery high quality diamonds at the mine, as the group the group shifts from the main kimberlite pipe to its satellite pipe.
The London-based miner owns 70% of the Letseng mine and the rest belongs to the Lesotho government.
Since it took control in 2006 the mine, considered the world’s highest diamond mine, the company has produced four of the top 20 largest white gem quality diamonds on record.
Image: The Letšeng Legacy is currently ranked as the 16th largest rough white diamond ever recovered. Courtesy of Gem Diamonds
