De Beers upbeat on Botswana diamond pact after meeting new president
De Beers' CEO said he expected negotiations on a new diamond sales pact with Botswana's government to be wrapped up within weeks.
Africa-focused Gem Diamonds (LON: GEMD) has found a 117.47-carat rough stone at its Letšeng mine in Lesotho, adding to a long list of diamonds over 100 carats found at the operation over the past two years.
The discovery of the white Type IIa rough diamond, found on October 29, is a much-needed positive news for the company, which in September reported a loss attributable to shareholders of $1 million for the first half of 2023.
The company said at the time the loss was a result of a drop in the number of large, high-value diamonds recovered, combined with market pressure.
Since acquiring Letšeng in 2006, the company has found dozens of white gem quality diamonds over 100 carats each, with three of them recovered in the first half of 2023.
At 3,100 metres (10,000 feet) above sea level, Letšeng is also one of the world’s most elevated diamond mines.
