Gem Diamonds recovers 100.5 carat diamond from Letseng
Gem Diamonds has recovered a 100.5 carat, top white colour Type IIa diamond from its Letseng mine in Lesotho.
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Gem Diamonds Ltd. (DI)
10.93p
13:29 14/11/24
0.00%
0.00p
Mining
10,478.84
15:50 14/11/24
-1.83%
-195.49
The company said on Friday that this recovery is the eleventh diamond of more than 100 carats this year. In May, it recovered a 115 carat diamond.
Liberum said: "The rate of recoveries has slowed in the second quarter from an incredible first quarter, but the company has now recovered three more than 100 carat stones than it did in all of 2017, six more than 2016 and in line with 2015, its best ever year. Expect momentum from cost savings."
It rates the stock at 'buy' with a 135p price target.
At 0955 BST, the shares were down 1.5% to 114.75p.