Gem Diamonds Limited Update on Ghaghoo sale process (0099Z)
December 12 2017 - 2:00AM
UK Regulatory
TIDMGEMD
RNS Number : 0099Z
Gem Diamonds Limited
12 December 2017
12 December, 2017
GEM DIAMONDS LIMITED
("Gem Diamonds" or "the Company")
Update on Ghaghoo sale process
In Gem Diamonds' Half Year 2017 results, announced on 17 August
2017, shareholders were notified that an offer to acquire 100% of
the Ghaghoo asset ("Ghaghoo") had been received and was being
considered by the Board.
Discussions have not resulted in agreement between parties and
this offer has been withdrawn.
The Company is presently in discussions with other parties
interested in acquiring 100% of the Ghaghoo asset and will update
the market as and when appropriate.
The Board decided to place the Ghaghoo mining operation on care
and maintenance in February 2017, due to market conditions. Full
care and maintenance status was achieved in March 2017.
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
For further information:
www.gemdiamonds.com
Gem Diamonds
Susan Wallace, Company Secretarial department
ir@gemdiamonds.com
Celicourt Communications
Mark Antelme / Jimmy Lea
Tel: +44 (0) 207 520 9261
About Gem Diamonds:
Gem Diamonds is a leading global diamond producer of high value
diamonds. The Company owns 70% of the Letšeng mine in Lesotho and
100% of the Ghaghoo mine in Botswana. The Letšeng mine is famous
for the production of large, top colour, exceptional white
diamonds, making it the highest dollar per carat kimberlite diamond
mine in the world. Since Gem Diamonds' acquisition of Letšeng in
2006, the mine has produced four of the 20 largest white gem
quality diamonds ever recorded.
About Prudential Resources Limited
Prudential Resources Limited (PRL) is a Mauritian registered
special purpose vehicle set up to acquire the Ghaghoo diamond mine
from Gem Diamonds Limited. PRL was founded by Paul Smith, Mike
Keating, Patrick Harford and Legacy Hill Capital Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
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