Gope mine unlikely to take off

No Image

Gem Diamonds is likely to face difficulties in building its diamond mine in Gope as the credit crisis bites, RBC Capital Markets has said.

The company said this last week as it downgraded its buying recommendation for Gem Diamonds following an interim management statement earlier this month and meetings with management.

"Capital market conditions make it unlikely the group will be able to raise the +/- $500 million needed to build a mine," RBC said. The company had originally planned to have Gope in production by 2010.

Editor's Comment
Human rights are sacred

It highlights the need to protect rights such as access to clean water, education, healthcare and freedom of expression.President Duma Boko, rightly honours past interventions from securing a dignified burial for Gaoberekwe Pitseng in the CKGR to promoting linguistic inclusion. Yet, they also expose a critical truth, that a nation cannot sustainably protect its people through ad hoc acts of compassion alone.It is time for both government and the...

Have a Story? Send Us a tip
arrow up