Gem raises full-year production, sales guidance, despite prices remaining under pressure
London-listed Gem Diamonds, which owns and operates the Letšeng mine, in Lesotho, has increased its production guidance for the 2024 full-year to between 98 000 ct and 101 000 ct being recovered and its sales guidance to between 100 000 ct and 103 000 ct.
The company, which has published its financial results for the six months to June 30, previously guided that it would recover between 88 000 ct and 92 000 ct and sell between 91 000 ct and 95 000 ct for the full-year.
"The pressure on the global diamond market persists, which negatively impacted the revenue generated during the [first half of this year].
"We have, however, had great success in improving our operational outputs and cost containment, which mitigated the market impact on diamond prices. In line with the improved performance, we have revised our guidance for [the full-year]," Gem CEO Clifford Elphick says.
During the six months to June 30, Gem recovered 55 873 ct of diamonds, compared with the 50 601 ct recovered in the first half of 2023.
Revenue increased to $78-million, compared with $71.8-million in the prior comparable period, while profit increased to $5.5-million, compared with $1.5-million in the first half of 2023.
The company ended the six-month period with cash on hand of $30-million and net debt of $8.4-million, down from net debt of $21.3-million as at December 31.
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