By Robert Tyerman | Saturday 1 August 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Production and sales from Gem Diamonds (GEMD)’s flagship Letseng mine in the southern African kingdom of Lesotho declined in the first half of the year, as the fully-listed company had to contend with tough conditions in the rough diamond market and a 19-day shutdown during the first three months on the completion of the initial phase of a plant upgrade. In its latest trading update, London-based Gem, whose shares once traded above £11 but have now fallen from a 221.25p 12-month high to 128.75p, says sales from 70%-owned Letseng fell 18% to $106.3 million (£68 million) in the six months to June.
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