Q4 2024 Trading Update
Q4 2024 production and sales metrics within or ahead of revised guidance; 105,012 carats recovered for FY 2024.
vs expectations: within or ahead of revised guidance
- Carats recovered FY 2024 105,012 (prior 109,656)
- Carats sold FY 2024 109,967 (prior 104,520)
- Total value FY 2024 US$152.8 million (prior US$139.4 million)
- Average price FY 2024 US$1,390 per carat (prior US$1,334 per carat)
- Q4 2024 carats recovered 24,461
- Diamonds greater than 100 carats recovered FY 2024 13 (prior 5)
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Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the "Group") provides the following Trading Update detailing the Group's operational and sales performance from 1 October 2024 to 31 December 2024 ("Q4 2024" or the "Period").
- Highlights:
- All operational metrics for FY 2024 are within or ahead of the improved revised guidance.
- 24 461 carats were recovered during the Period, resulting in 105 012 carats recovered for the year (FY 2023: 109 656).
- 13 diamonds greater than 100 carats were recovered in the year (FY 2023: Five).
- 26 356 carats were sold during the Period, achieving an average price of US$1 223 per carat, resulting in 109 967 carats sold for the year achieving an average price of US$1 390 per carat (FY 2023: 104 520 carats sold for US$1 334 per carat).
- The highest price achieved in the Period was US$45 077 per carat for a 3.52 carat pink diamond.
- Six diamonds sold for more than US$1.0 million each during the Period, contributing US$11.6 million.
- Four greater than 100 carat diamonds were sold during the Period.
- Letšeng Diamonds production summary:
| H1 2024 | Q3 2024 | Q4 2024 | FY 2024 | FY 2023 | FY23 - FY24 % Change | |
|---|---|---|---|---|---|---|
| Waste tonnes stripped | 3 163 476 | 1 219 291 | 1 037 800 | 5 420 567 | 8 841 627 | -39% * |
| Ore tonnes treated | 2 542 114 | 1 185 192 | 1 291 433 | 5 018 739 | 5 024 665 | 0% # |
| Satellite pipe ore tonnes treated | 1 110 647 | 535 890 | 542 916 | 2 189 453 | 2 969 031 | -26% # |
| Carats recovered | 55 873 | 24 678 | 24 461 | 105 012 | 109 656 | -4% |
| Grade (cpht) | 2.20 | 2.08 | 1.90 | 2.09 | 2.18 | -4% |
| Carats sold | 56 994 | 26 617 | 26 356 | 109 967 | 104 520 | 5% |
| Total value (US$ millions) | 77.9 | 42.7 | 32.2 | 152.8 | 139.4 | 10% |
| Achieved US$/carat | 1 368 | 1 603 | 1 223 | 1 390 | 1 334 | 4% |
* Waste tonnes stripped are in accordance with the approved mine plan.
# Ore tonnes treated are in line with the approved mine and treatment plans.
FY 2024 performance compared to revised guidance
Direct cash costs (before waste) per tonne treated and mining waste cash costs per tonne of waste mined are expected to be within the guidance range. Operating cost per tonne treated is anticipated to be slightly above guidance impacted by non-cash cost adjustments to inventory, waste and ore stockpile.
| FY 2024 Performance | FY 2024 Revised Guidance | |
|---|---|---|
| Waste tonnes mined (Mt) | 5.4 | 5 - 6 |
| Ore treated (Mt) | 5.0 | 4.9 - 5.1 |
| Satellite pipe ore treated (Mt) | 2.2 | 1.8 - 2.0 |
| Carats recovered (Kct) | 105 | 98 - 101 |
| Carats sold (Kct) | 110 | 100 - 103 |
| Direct cash costs (before waste) per tonne treated (Maloti) | 245 - 260 | 245 - 260 |
| Operating costs per tonne treated 1 (Maloti) | 365 - 380 | 345 - 360 |
| Mining waste cash costs per tonne of waste mined (Maloti) | 60 - 70 | 60 - 70 |
| Total capex (US$ million) | 4.4 | 5 - 7 |
1 Operating costs per tonne treated excludes royalty, selling costs, depreciation and mine amortisation, but includes inventory, waste and ore stockpile adjustments.
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.