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Letšeng Sees Large-Stone Recovery

Jan 8, 2018 4:02 AM   By Rapaport News
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RAPAPORT... Gem Diamonds has recovered two large rough diamonds at its Letšeng mine in Lesotho, it said Monday.

The “high-quality,” type-IIa stones weigh 117 (pictured) and 110 carats, and both have D color, the company noted. The London-based miner’s share price jumped about 6% in early trading following the announcement.

“While we do not know the final value of the stones, it is likely that good-quality, type-IIa diamonds could fetch more than $25,000 per carat,” analysts Des Kilalea and Tim Huff of investment bank Canaccord Genuity said in an update the same day. “The gradual improvement in Letšeng’s output of large white stones should, we think, see the share price stronger today. It also seems to indicate that the trend back toward large recoveries which emerged in [2017] remains on track.”

Last year, Gem Diamonds found at least seven diamonds weighing 100 carats or more, after it began extracting ore from a higher-grade part of Letšeng. In 2016, the mine yielded only five stones of that size.
Tags: Canaccord Genuity, Des Kilalea, Gem Diamonds, large diamonds, Lesotho, Letšeng, mining, Rapaport News, Rough Diamonds, Tim Huff
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