Gem to start talks on Gope this year :: Mmegi Online

GEM Diamonds is starting to talk about "reviewing growth possibilities" as it comes out of a very difficult 2009 with profits at both of its operating mines and a healthy cash position.

LSE-listed Gem has put a number of projects on care-and-maintenance, it has sold out of its Democratic Republic of Congo (DRC) alluvial exploration venture - retaining equity and royalty exposure to any kimberlites found there - and it has its Central African Republic prospect on the selling block. It wants to sell its Indonesian diamond mine too.

It is producing diamonds from Letseng in Lesotho and the Ellendale mine in Australia.
Gem posted an annual profit of $25m for the year to end-December 2009 compared to a restated $522m loss the year before. Revenue was slightly lower at $244m against $297m a year earlier. It has cash on hand of $114m and no debt, having raised $98.8m in April to settle debt and put cash in its coffers.

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Gem to start talks on Gope this year

GEM Diamonds is starting to talk about "reviewing growth possibilities" as it comes out of a very difficult 2009 with profits at both of its operating mines and a healthy cash position.

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