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Gem Diamonds underlying core earnings rise 18%

Underlying core earnings increased to $77 million for the year ended December 31 from $66 million a year earlier.

Gem Diamonds Ltd’s full-year underlying core earnings rose 18 percent benefiting from higher diamond prices in 2013.

The company, which owns the Letseng mine in Lesotho and is developing the Ghaghoo mine in Botswana, said operations in 2014 had begun well and that it expected to bring Ghaghoo into production in the second half of the year.

Underlying core earnings or earnings before interest, tax, depreciation and amortisation (EBITDA) increased to $77 million for the year ended Dec. 31 from $66 million a year earlier. Revenue grew 5 percent to $213 million.

 

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