{"id":1180385,"date":"2020-04-24T08:18:19","date_gmt":"2020-04-24T13:18:19","guid":{"rendered":"https:\/\/www.mining.com\/?p=1021678"},"modified":"2020-04-24T08:18:19","modified_gmt":"2020-04-24T13:18:19","slug":"gem-diamonds-to-restart-letseng-mine-amid-lockdown","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1180385","title":{"rendered":"Gem Diamonds to restart Let\u0161eng mine amid lockdown"},"content":{"rendered":"<p>Gem Diamonds\u00a0(LON:GEMD) <a href=\"https:\/\/www.gemdiamonds.com\/news-article.php?articleID=8978\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said on Friday<\/a> that the government of Lesotho has allowed it to resume operations at its Let\u0161eng mine, even though the country is in lockdown until May 5.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The Africa-focused diamond producer noted that the mine will be reopen on Monday, following a phased ramp-up plan and in compliance with protocols for preventing the spread of covid-19.<\/p>\n<p>To date, Gem Diamonds\u00a0said <a href=\"https:\/\/www.gemdiamonds.com\/news-article.php?articleID=8985\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">in a separate statement<\/a>, there have been no cases of coronavirus in Lesotho or in any of the company\u2019s international operations.<\/p>\n<p>Despite having cancelled sales owing to covid-19 related travel restrictions, the miner conducted a \u201cflexible\u201d tender process in March, which\u00a0generated $18.8 million of revenue. This figure was in addition to the quarterly Let\u0161eng small diamond tender that closed on March 18, achieving $7.8 million, <a href=\"https:\/\/www.gemdiamonds.com\/news-article.php?articleID=8971\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Gem Diamonds\u00a0said on Tuesday<\/a>.<\/p>\n<p>Since acquiring Let\u0161eng in 2006, the<br \/>\ncompany has found five of the 20 largest white gem quality diamonds ever<br \/>\nrecovered, which makes the mine the world\u2019s highest dollar per carat kimberlite<br \/>\ndiamond operation.<\/p>\n<p>At an average elevation of 3,100 metres (10,000 feet) above sea level, Let\u0161eng is also one of the world\u2019s highest diamond mines.<\/p>\n<h2><strong>Diamond market struggles<\/strong><\/h2>\n<p>Diamond miners are&nbsp;<a href=\"https:\/\/www.mining.com\/de-beers-axes-diamond-production-forecast-amid-market-collapse\/\"  rel=\"noreferrer noopener\">struggling across the board<\/a>, especially those producing<br \/>\ncheaper and smaller stones, where there is an oversupply.&nbsp;<\/p>\n<p>De Beers, the world\u2019s largest diamond miner by value,\u00a0<a href=\"https:\/\/www.mining.com\/de-beers-axes-diamond-production-forecast-amid-market-collapse\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">cut\u00a02020 production guidance by a fifth\u00a0on Thursday<\/a>, as the coronavirus pandemic has brought the global supply chain to a halt, affecting demand.<\/p>\n<p>The announcement came only hours after<br \/>\nDominion Diamond Mines, the Canadian miner&nbsp;that&nbsp;<a href=\"https:\/\/www.mining.com\/harry-winston-sells-its-luxury-division-to-swatch-97026\/6248\/\"  rel=\"noreferrer noopener\">sold its luxury division<\/a>&nbsp;Harry Winston in 2013,&nbsp;<a href=\"https:\/\/www.mining.com\/de-beers-axes-diamond-production-forecast-amid-market-collapse\/\"  rel=\"noreferrer noopener\">filed for insolvency protection<\/a>.&nbsp;<\/p>\n<p>\u201cWhile some rough diamond trading has taken place in recent weeks, the relative volume of transactions has been minimal due to the travel restrictions, and ultimately a lack of downstream demand as closed jewellers have no need to replenish inventory,\u201d diamond analyst\u00a0Paul Zimnisky\u00a0<a href=\"https:\/\/www.mining.com\/web\/a-look-at-rough-diamond-prices-in-the-midst-of-the-covid-crisis\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said earlier this week<\/a>.\u00a0<\/p>\n<p>\u201cTypically in a crisis environment<br \/>\ndiamond trading liquidity dries up, however, now the circumstances are<br \/>\nespecially severe due to the unique nature of an acute concurrent demand and<br \/>\nsupply shock,\u201d he noted.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lesotho diamond mine will reopen on Monday, following a phased ramp-up plan and in compliance with protocols for preventing the spread of covid-19.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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