Reuters: Hot Stocks: Gem Diamonds lowers forecast for Letseng mine

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Gem Diamonds lowers forecast for Letseng mine Jul 29th 2013, 07:15 July 29 | Mon Jul 29, 2013 3:15am EDT July 29 (Reuters) - Gem Diamonds Ltd said it recovered 26 percent fewer carats in the first half and cut its full-year production forecast for its key Letseng mine in Lesotho. Gem Diamonds said it expected to recover carats in the range of 95,000 to 105,000 from Letseng in 2013. Carats recovered during the six months to June 30 fell to 42,268 from 57,234 a year earlier. The company said the shortfall was because of mining within the lower-grade main pipe, tonnage loss due to the installation of crushers, and mining within a region of high basalt content. "Although higher grade recoveries are expected in H2 2013, this won't be sufficient to recover the full shortfall," the company said in a statement. Gem Diamonds' shares were down 4.5 percent at 136 pence in early trade on the London Stock Exchange on Monday. (Reporting by Karen Rebelo in Bangalore; Editing by Supriya Kurane)

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions