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.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

Following a horrific accident which claimed the lives of seven South African pilgrims at Ranaka junction on Sunday, the government has revealed that efforts are underway to repatriate the bodies to the neighbouring country.

Repatriation underway for seven SA Pilgrims

Boikanyo Mathonsi | 1 h ago

GD6 theft rising as police arrest SA trio

Pini Bothoko | 1 h ago

BOCRA issues fines for fake phones

Mbongeni Mguni | 2 h ago

No body viewing: Mass burial for 45 accident victims

Larona Makhaiza | 3 h ago

Jonny Mokhali, Cultures Spears deliver but......

Lesedi Mkhutshwa | 22 h ago

Taste pie'd piper

Michelle Phetlhe | 22 h ago

BCP women urged to increase quota

Tsaone Basimanebotlhe | 23 h ago

Solly Moholo pays tribute to Limpopo crash victims

Otlarongwa Kgweetsi | 22 h ago

Stakeholders must step up veggie supply

The Ministry of Agriculture, local producers, retailers, and industry associations must work together to overcome the obstacles hindering vegetable production and distribution.This collaborative approach is essential to improve the availability, quality, and affordability of vegetables in the market.Firstly, the Ministry of Agriculture should provide support and guidance to local farmers to enhance their productivity and efficiency. This could...

The Monitor Editor | 29 April 2024

About us

Mmegi is the leading independent source of breaking news, latest news, current
affairs, Politics, Business, Sport, debates, analysis, and entertainment news in Botswana.

Explore

More