Gem avails P550m for Gope mine

Gem Diamonds has unveiled a P550 million ($85m) cash chest for the construction of the first phase of its Gope underground mining project in the Central Kgalagadi Game Reserve (CKGR), which will add fresh production to the London Stock Exchange-listed outfit by 2013.

Announcing its results for the full year for the period ended 31 December 2010, Gem Diamonds says construction of the first phase of the mine will be funded using internal resources and that once production starts this year, work will commence on the feasibility of the next expansion phase.