Interim results for the six months ended 30 June 2007Back
13 Sep 2007
Gem Diamonds (LSE: GEMD) announces the Company's maiden Interim Results for the six months ended 30 June, 2007.
Gem Diamonds is a diamond mining company with a balanced portfolio of assets including three producing mines: a kimberlite mine in Lesotho and alluvial mines in Democratic Republic of Congo (DRC) and Indonesia, exploration and development projects in Botswana, DRC, Angola and Central African Republic and potentially a producing lamproite mine in Australia.
- Listed on LSE in February 2007, raising US$635 million
- Since listing announced three key acquisitions
- Gope deposit acquired for US$34 million
- BDI Mining acquired for US$80.1 million
- Kimberley Diamond Company under offer for US$263 million
- Significant increase an diversification in Group diamond resource
- Operating profits for the period of US$16.8 million, on revenue of US$69.8 million
- LetÅ¡eng Mine continues to produce ahead of plan with second plant on schedule for commissioning early 2008
- Gem Diamonds expected to enter FTSE 250 Index on 21 September 2007
- 494 carat exceptional diamond recovered on 7 September 2007 at LetÅ¡eng Mine
Commenting on the interim results announcement, Chief Executive Officer, Clifford Elphick said:
"Good progress has been made in executing Gem Diamonds' strategy of creating shareholder value through considered acquisitions and the development of existing assets. Funds raised on the IPO have largely been spent or allocated to major capital projects. Our operations now also encompass Botswana, Indonesia and potentially Australia. The Group's diamond resource has been significantly increased over the period. As such these first six months form a solid base from which to achieve our ambition of becoming one of the world's leading diamond companies."
For further information:
Gem Diamonds Limited
Tel: +44 203 043 0280
Gem Diamond Technical Services (Pty) Limited
Tel: +27 82 418 8735
Tel: +44 207 743 6376
About Gem Diamonds:
Gem Diamonds is a diamond mining company with a balanced portfolio of a producing kimberlite mine, two producing alluvial mines, development projects and long-term prospects. Established in July 2005, Gem Diamonds is pursuing an accelerated growth strategy and aims to become one of the world's leading diamond companies. Gem Diamonds currently has one producing kimberlite mine, LetÅ¡eng, in Lesotho, two producing alluvial mines - Cempaka in Indonesia and Mbelenge in the Democratic Republic of Congo (DRC), a kimberlite development project in Botswana, two development projects in the DRC, one in the Central African Republic and an option to develop the Chiri kimberlite concession in Angola.
The Company recently made an offer to Kimberley Diamond Company's shareholders to acquire their shares in this company, which owns the Ellendale Mine in north Western Australia, and which was approved by Gem Diamonds' shareholders at an Extraordinary General Meeting on 16 October 2007.
Gem Diamonds currently has a specific focus towards higher value diamonds, a segment of the market that its management believes will deliver superior long term returns.
For further information about Gem Diamonds visitÂ www.gemdiamonds.com.