Gem Diamonds Limited (LSE: GEMD) (Gem Diamonds, the Company or the Group) today announces its half-year results for the six months ended 30 June 2017 (H1 2017 or the Period).

Revenue US$92.9 million (US$109.1 million in H1 2016)
Underlying EBITDA US$13.0 million (US$43.5 million in H1 2016)

Attributable net profit, before exceptional items US$49k (US$13.4 million attributable net profit, before exceptional items, in H1 2016)
Basic earnings per share 0.04 US cents before exceptional items (Basic earnings per share 9.70 US cents before exceptional items in H1 2016)

Cash on hand US$20.0 million


Waste tonnes mined of 15.0 million (15.3 million tonnes in H1 2016)
Ore treated of 3.2 million (3.3 million tonnes in H1 2016)
Carats recovered of 50 478 (57 380 carats in H1 2016)
Grade recovered of 1.59cpht (1.72cpht in H1 2016)
Rough tender revenue of US$88.8 million (US$106.2 million in H1 2016)
Average price of US$ 1 779 per carat achieved (US$1 899 per carat in H1 2016)
Recovered four diamonds greater than 100 carats GHAGHOO

Operation placed on Care and Maintenance on 31 March 2017

Commenting on the results today, Clifford Elphick, Chief Executive of Gem Diamonds, said:

“The improvement in the greater than 100 carat diamond recoveries at Letšeng is encouraging with the US$ per carat achieved trending positively at US$1 779, up 20% from US$1 480 in H2 2016. The latest sale in July achieved US$2 385 per carat. The updated life of mine plan was implemented during the Period with the objective of reducing waste tonnes mined and improve near term cash flows, and mining progressed well against this plan during the Period.

At Ghaghoo, the mine was successfully placed on care and maintenance during the Period which will result in further cost optimisation during the remainder of the year. Shareholders are advised that an offer to acquire 100% of the Ghaghoo asset has been received and the Board is considering the offer.

The cost reduction and transformation programme is firmly underway and at this early stage US$15 million of annualised efficiency and cost reduction initiatives have already been identified for implementation from October 2017.”

The Company will host a live audio webcast presentation of the half year results today, 17 August 2017, at 09:30 BST. This can be viewed on the Company’s

This announcement contains inside information for the purpose of Article 7 of Regulation (EU) No596/2014.
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.

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