29 January
2025
GEM DIAMONDS LIMITED
Q4 2024 Trading Update
Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the "Group") provides the following Trading
Update detailing the Group's operational and sales performance from
1 October 2024 to 31 December 2024 ("Q4 2024" or the "Period").
1. Highlights:
·
All operational metrics for FY 2024 are within or
ahead of the improved revised guidance.
·
24 461 carats were recovered during the Period,
resulting in 105 012 carats recovered for the year (FY 2023: 109
656).
·
13 diamonds greater than 100 carats were recovered
in the year (FY 2023: Five).
·
26 356 carats were sold during the Period,
achieving an average price of US$1 223 per carat, resulting in 109
967 carats sold for the year achieving an average price of US$1 390
per carat (FY 2023: 104 520 carats sold for US$1 334 per
carat).
·
The highest price achieved in the Period was US$45
077 per carat for a 3.52 carat pink diamond.
·
Six diamonds sold for more than US$1.0 million
each during the Period, contributing
US$11.6 million.
·
Four greater than 100 carat diamonds were sold
during the Period.
2. Letšeng Diamonds production
summary:
|
|
H1
2024
|
Q3
2024
|
Q4
2024
|
FY
2024
|
FY
2023
|
FY23 - FY24
% Change
|
|
Waste tonnes
stripped
|
3 163
476
|
1 219 291
|
1 037
800
|
5 420
567
|
8 841
627
|
-39%*
|
|
Ore tonnes
treated
|
2 542 114
|
1 185
192
|
1 291 433
|
5 018
739
|
5 024
665
|
0%#
|
|
Satellite pipe
ore tonnes treated
|
1 110
647
|
535 890
|
542 916
|
2 189
453
|
2 969
031
|
-26%#
|
|
Carats
recovered
|
55 873
|
24 678
|
24 461
|
105 012
|
109 656
|
-4%
|
|
Grade
(cpht)
|
2.20
|
2.08
|
1.90
|
2.09
|
2.18
|
-4%
|
|
Carats
sold
|
56 994
|
26 617
|
26 356
|
109 967
|
104 520
|
5%
|
|
Total value
(US$ millions)
|
77.9
|
42.7
|
32.2
|
152.8
|
139.4
|
10%
|
|
Achieved
US$/carat
|
1 368
|
1 603
|
1 223
|
1 390
|
1 334
|
4%
|
* Waste tonnes stripped
are in accordance with the approved mine plan.
#
Ore tonnes treated are in line with the approved
mine and treatment plans.
3. FY 2024 performance compared to revised
guidance
Direct cash costs (before waste) per tonne
treated and mining waste cash costs per tonne of waste
mined are expected to be within the guidance range. Operating cost
per tonne treated is anticipated to be slightly above guidance
impacted by non-cash cost adjustments to inventory, waste and ore
stockpile.
|
|
FY 2024
Performance
|
FY 2024
Revised
Guidance
|
|
Waste tonnes mined (Mt)
|
5.4
|
5 -
6
|
|
Ore treated (Mt)
|
5.0
|
4.9 -
5.1
|
|
Satellite pipe ore treated
(Mt)
|
2.2
|
1.8 -
2.0
|
|
Carats recovered (Kct)
|
105
|
98 -
101
|
|
Carats sold (Kct)
|
110
|
100 -
103
|
|
Direct cash costs (before waste) per
tonne treated (Maloti)
|
245 -
260
|
245 -
260
|
|
Operating costs per tonne
treated1 (Maloti)
|
365 -
380
|
345 -
360
|
|
Mining waste cash costs per tonne of
waste mined (Maloti)
|
60 -
70
|
60 -
70
|
|
Total capex (US$ million)
|
4.4
|
5 -
7
|
1 Operating costs per tonne treated excludes royalty, selling
costs, depreciation and mine amortisation, but includes inventory,
waste and ore stockpile adjustments.
FOR
FURTHER INFORMATION:
Gem
Diamonds
Limited
Kiki
Constantopoulos, Company Secretary
ir@gemdiamonds.com
Celicourt Communications
Mark
Antelme / Felicity
Winkles
Tel: +44
(0) 20 7770 6424
This announcement contains inside information
for the purposes of Article 7 of Regulation (EU) No
596/2014.
The Gem Diamonds Limited LEI number is
213800RC2PGGMZQG8L67.
ABOUT GEM DIAMONDS:
Gem Diamonds is a leading global
producer of high value diamonds. The Company owns 70% of
the
Letšeng mine in Lesotho. The Letšeng
mine is famous for the production of large, exceptional
white
diamonds, making it the highest
dollar per carat kimberlite diamond mine in the world.
www.gemdiamonds.com
