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Gem Diamonds Raises Letšeng Resource Estimate
Jul 25, 2012 3:05 AM
By Avi Krawitz
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RAPAPORT... Gem Diamonds has increased its resource base at the Letšeng mine by 10 percent due to higher-resource-grade estimates at the Lesotho-based operation. The company also raised its Letšeng revenue estimate by 5 percent to $2,839 per carat. Sales from the mine achieved an average price of $2,776 per carat in 2011.
Gem Diamonds reduced its estimated resource base at the Ellendale mine in Australia to 3.98 million carats but increased its Ellendale revenue estimate by 16 percent. The company did not provide an update on its plans to sell the Ellendale mine announced in November.
Gem Diamonds maintained its total resource base estimate at around 29 million carats with its resource base for the developing Ghaghoo mine in Australia unchanged at 20.53 million carats. The Ghaghoo revenue estimate increased by 16 percent to $259 per carat.
The company is scheduled to publish its trading update for the first half of 2012 on July 30, 2012.
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Tags:
Avi Krawitz, diamonds, Ellendale, Ghaghoo, Lesotho, Letšeng, Rapaport
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