Gem Diamonds profits drop 47% on Ghaghoo woes

Friday, March 17, 2017

Gem Diamonds Ltd has announced a 47% fall in its full-year pretax profit, hurt by an impairment charge after it mothballed the Ghaghoo Mine in Central Kalahari Game Reserve (CKGR) due to a fall in diamond prices.

The company recorded an impairment provision of $176.5 million (P1.8 billion) after its move last month to place the mine under care and maintenance with immediate effect.

Gem Diamonds, which mines diamonds from the Letseng Mine in Lesotho and the Ghaghoo Mine, said its full-year pretax profit fell to $52.4 million from $99 million, a year earlier.

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