Gem Diamonds Limited Letšeng Load and Haul Contract (4434T)
2023年11月15日 - 4:00PM
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TIDMGEMD
RNS Number : 4434T
Gem Diamonds Limited
15 November 2023
15 November 2023
GEM DIAMONDS LIMITED
("Gem Diamonds" or "the Company")
Letšeng Load and Haul Contract
Gem Diamonds Limited (LSE: GEMD), is pleased to announce that
its 70% owned subsidiary, Letšeng Diamonds (Proprietary) Limited
("Letšeng"), has reached agreement with Matekane Mining Investment
Company (Proprietary) Limited ("MMIC") in respect of its load and
haul contract with Letšeng ("Load and Haul Contract"). MMIC is the
provider of load and haul services to the Letšeng mine. As
previously disclosed, Letšeng had been considering its options in
respect of the contract following the election of Mr Sam Matekane
(the ultimate owner of MMIC) as Prime Minister of Lesotho in
October 2022, who is therefore designated a Politically Exposed
Person .
Having carefully considered all options, Letšeng has reached
agreement with MMIC to terminate the Load and Haul Contract with
effect from 1 December 2023, eleven months ahead of its scheduled
contractual end date, and will instead insource the load and haul
activities. To this end, Letšeng will acquire the mining equipment
at Letšeng from MMIC that is currently used exclusively for
Letšeng, and will offer employment to MMIC employees who are
currently working exclusively for Letšeng, in line with operational
requirements. This will enable Letšeng to continue seamlessly with
its mining activities.
The consideration has been based on independent third party
valuation experts and will be funded via a combination of
asset-based financing and available cash. This transaction is
expected to lead to further efficiencies and operational cost
reductions at Letšeng.
Commenting on the acquisition, Clifford Elphick, Gem Diamonds'
Chief Executive Officer, said:
"This transaction brings a long standing and successful business
relationship we've enjoyed with MMIC, since 2005, to an end. The
transaction resolves important issues relating to governance and
conflicts; and will lead to operational efficiencies and cost
reductions being achieved. "
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
For further information:
Gem Diamonds
Kiki Constantopoulos, Company Secretary
ir@gemdiamonds.com
Celicourt Communications
Mark Antelme/Felicity Winkles
Tel: +44 (0) 20 7770 6424
About Gem Diamonds:
Gem Diamonds is a leading global diamond producer of large high
value diamonds. T he Company owns 70% of the Letšeng mine in
Lesotho and 100% share of the Ghaghoo mine in Botswana . The
Letšeng mine is famous for the production of large, exceptional
white diamonds, making it the highest dollar per carat kimberlite
diamond mine in the world. www.gemdiamonds.com
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END
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