Gem Diamonds wields axe at Ghaghoo Mine

BusinessWeek is reliably informed that Ghaghoo, which was the country’s first underground diamond mine, could be headed for a dim future after the remaining staff received letters warning about possible retrenchment.

In 2022, Gem Diamonds spent $1.9 million on care and maintenance activities at Ghaghoo, from $2.1 million in 2021. At the time, directors said the carrying value of the remaining assets had slipped to negative from zero in 2021. The final closure of the mine will trigger environmental rehabilitation obligations on Gem Diamonds in line with the country’s laws.