Gem Di­a­monds pre­tax gain halves

China Daily (Canada) - - BUSINESS -

GemDi­a­monds Ltd re­ported onWed­nes­day a 47 per­cent fall in its full-year pre­tax profit, hurt by an im­pair­ment charge af­ter it moth­balled the Ghaghoo mine in Botswana due to a fall in di­a­mond prices. The com­pany recorded an im­pair­ment pro­vi­sion of $176.5 mil­lion af­ter its move last month to place the Ghaghoo mine un­der care and main­te­nance with im­me­di­ate ef­fect. GemDi­a­monds, which mines di­a­monds from the Let­seng mine in Le­sotho and the Ghaghoo mine in Botswana, said its full-year pre­tax profit fell to $52.4 mil­lion from $99 mil­lion, a year ear­lier.

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