Our strategy


(Tap a section below for more information)



Letšeng, our core diamond mine, is the highest achieving average US$ per carat kimberlite mine in the world. The operation is an open pit diamond mine with two kimberlite pipes, the Main pipe and the Satellite pipe which are 17.0 and 5.2 hectares respectively.


The Ghaghoo mine, which produces diamonds of a commercial quality, is currently on care and maintenance.


At Letšeng, ore is processed through three treatment plants with an annual throughput of 6.4 million to 6.6 million tonnes. Although Letšeng’s grade recovery is low (averaging just under two carats per hundred tonnes) it is famous for producing large, high-value diamonds.

marketing and

Our diamonds produced are predominantly sold through a tender process by our sales and marketing operation in Antwerp, Belgium. Through mapping and analysis, the value of the Letšeng high-quality diamonds is determined and used to achieve the highest rough value through multiple selling channels. A selection of high-value diamonds are manufactured to capture additional value through polished sales.

Our strategy is underpinned by three key priorities which we believe will deliver maximum value for all shareholders through our cycle.

Maximum Value

Driving business optimisation through the cycle by enhancing the efficiency of our operations through stringent cost control and capital discipline, and selling non-core assets

Building balance sheet strength

Exploring new sales avenues to maximise value

The Group remains committed to maximising the value achieved on rough and polished diamond sales.
Underlying EBITDA gives insight to cost management, production, growth and performance efficiency on a like-for-like basis. We are focused on reducing operating costs, increasing productivity, and extracting maximum value from our operations.
ROACE is a pre-tax measure of the efficiency with which the Group generates operating profits from its capital.
The aim of our strategy is to deliver maximum value for all shareholders through our business cycle. Basic EPS represents profit attributable to equity shareholders and is a measure of the Group's profitability taking into account changes in the equity structure.
Cash generated from operating activities measures the cash-generating capability of the Group. It provides additional insight into how costs are managed thereby increasing efficiency and productivity, building balance sheet strength through stringent cost control.
The aim of our strategy is to deliver maximum value for all shareholders through our business cycle. Ore tonnes treated measures the level of operating activity of the business to achieve this objective.
The aim of our strategy is to deliver maximum value for all shareholders through our business cycle. Carats recovered measures the level of earnings activity of the business to achieve this objective.

Improved recovery of diamonds greater than 100 carats - recovered 10 diamonds greater than 100 carats during the first six months of 2018 including 910 carat Lesotho Legend

Commenced Business Transformation process during the last quarter of 2017, targeting US$100 million cumulative revenue, cost savings and productivity improvements by 2021, with implemented initiatives contributing US$47 million as at July 2018

Placed Ghaghoo mine on care and maintenance with formal sale process to underway

Expanded sales avenue for Letšeng large diamonds with additional tender viewings being held in Tel Aviv, Israel

Improved net cash position from US$1.4 million at 31 December 2017 to US$29.8 million at 30 June 2018

and Maintaining

Promoting a culture of zero harm and responsible care

Delivering sustainable returns for our investors while optimising the benefit for our communities and minimising our impact on the environment

Building long-term, transparent and mutually beneficial relationships with stakeholders

Prioritise organisational health through areas identified during the Business Transformation process

The Group is committed to promoting a culture of zero harm and responsible care.
Zero major or significant community incidents.
Zero major or significant environmental incidents.
Invested US$0.5 million in corporate social projects during 2017 and continued to build positive relationships with stakeholders and project affected communities (PACs).

Fatality-free first six months of 2018

Zero major or significant incidents of health, safety, social and environmental (HSSE) legal non-compliance first six months of 2018

Zero major or significant community or environmental incidents for the first six months of 2018

Positive progress on health priority practices conducted as part of the Business Transformation process

Flagship dairy farming project formally opened

Egg farming project underway

for Our

Advancement of innovative technologies to enhance revenues and reduce costs through reduction of diamond damage

Early renewal of the mining lease at Letšeng which expires in 2024

External growth opportunities assessed against strict investment criteria

The Group is committed to a disciplined investment process where investment is only made in assets that offer attractive returns.
The Group is flexible to respond to an everchanging operating environment. Life of mine plans are continually reviewed to ensure the Group is mining in the most efficient manner to extract maximum returns.

Continued progress towards goal of identifying diamonds within kimberlite

Application to renew Letšeng’s mining lease for a further 10 years to 2034 lodged in March 2018 with progress made under statutory negotiations

Capital invested for tailings storage facility extension at Letšeng