Gem spends P720m to bring Ghaghoo on stream

Ghaghoo will be the first diamond underground mine in the country
Ghaghoo will be the first diamond underground mine in the country

Junior mining company, Gem Diamonds, has spent $82 million (P720 million) on the development of the country’s first underground diamond mine, Ghaghoo Mine in the Central Kalahari Game reserve (CKGR).

Apart from Karowe in Boteti, Ghaghoo, which will be officially opened on September 5, will be the country’s only other operating diamond mine outside the Debswana stable.

 “$10.8 million was invested in Phase one development costs at Ghaghoo, bringing the total spending on the development at the end of the period to US$82.0 million out of a budgeted US$96.0 million. The balance of all costs associated to complete Phase one will be spent during the second half of 2014,” stated Gem in their 2014 first half results.

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