Lesotho

Gem's rock star mine produces record number of big stones, but prices per carat fall 23%

Gem Diamonds on Thursday reported record annual production at its flagship Letšeng mine in Lesotho and continued to polish its reputation as the world’s richest source of exceptionally large diamonds, but prices per carat fell 23% compared to a year ago.

Letšeng rocks on: one rough worth more than $1 million, 10 bigger than 10.8ct per week

Gem Diamonds' Letšeng mine continued to polish its reputation as the world's richest source of large diamonds, the London-listed company reported in a management statement covering July to October.

15 diamonds were found that were sold for more than $1 million and 50 roughs fetched prices greater than $20,000/ct;  one fancy pink went for $156,000 /ct.  Letšeng also recovered 171 diamonds greater than 10.8 ct in size. Excluding the 550ct Letšeng Star sold for $16.5 million last month, the mine averages sales of $2,425/ct. No wonder then that the board will meet this month on a feasibility study expanding capacity 75%.

Gem sells rough for $16.5 million and bargains for cut of polished profit

London-listed Gem Diamonds announced Tuesday it has sold the world’s 14th largest white diamond discovered at its Letšeng Mine in Lesotho two months ago for $16.5 million in cash. Gem will also share in the profit of any polished diamond cut from the 550 carat Letšeng Star.

Letšeng is fast-becoming the richest source of large diamonds in the world and without the occasional large diamond find, the Letšeng pipe would probably be a marginal deposit, but the mine, 30% owned by the King of Lesotho, has also yielded the the 478 carat Light of Letšeng that went for $18.4 million in 2008 and two other big rocks.

Lucara Diamond says AK6 in Botswana now 84% built, Lesotho project nearing pre-feasibility

Lucara Diamond Corp. ("Lucara" or the "Company") (TSX:LUC)(BOTSWANA:LUC) is pleased to provide the following update on the development of its AK6 diamond mine in Botwsana which is rapidly nearing completion as well as the trial mining program at the Mothae diamond mine in Lesotho which, based on continued good results, will soon be moving into the pre-feasibility stage.

Firestone Diamonds raises finances for mine development

Mining and exploration company Firestone Diamonds has announced a financing plan that will raise £13.5 million and provide updated development plans for its diamond mining and evaluation projects in Lesotho and Botswana.

Lucara’s first diamond tender yields gross proceeds of $8.18 million

Lucara Diamond Corp. ("Lucara" or the "Company") (TSX VENTURE:LUC) is very pleased to report outstanding results from its first tender of rough diamonds recovered from the Mothae mine in Lesotho. A total of 42 sales lots, totaling 9,381.35 carats were sold on tender in Antwerp for an average of US$871.70/ carat. Gross proceeds from the sale, which closed today, March 28, 2011, totaled $8,177,714 million.

The three stones with the highest per carat value were a 13.87 carat diamond which sold for $43,000/ct, a 24.57 carat diamond which sold for $32,351/ct, and a 20.13 carat diamond which sold for $27,995/ct.