FINANCIAL RESULTS:
• Revenue of US$71.8 million (H1 2022: US$100.0 million)
• Underlying EBITDA of US$8.4 million (H1 2022: US$20.9 million)
• Cash on hand of US$7.3 million as at 30 June 2023 (US$6.2 million attributable to Gem
Diamonds)
• The Group has unutilised facilities of US$72.9 million
• Loss per share of 0.7 US cents (H1 2022: earnings per share of 2.7 US cents)
OPERATIONAL RESULTS:
Letšeng
• Zero fatalities and one lost time injury
• Recovered 50 601 carats (H1 2022: 55 157 carats)
• Waste tonnes mined of 4.8 million tonnes (H1 2022: 6.3 million tonnes)
• Ore treated of 2.5 million tonnes (H1 2022: 3.0 million tonnes)
• Average value of US$1 373 per carat achieved (H1 2022: US$1 745 per carat)
Safety performance
The organisational safety culture maturity strategy, that commenced in 2021 to improve safety
performance at Letšeng, has been fully executed and led to an improved safety performance during the Period. Letšeng recorded zero fatalities and one LTI during the Period (2022: three), resulting in an improved LTIFR and AIFR of 0.09 (2022: 0.13) and 0.57 (2022: 0.70), respectively.
Diamond market
The global rough diamond market has experienced a downturn in 2023. A decrease in the number of large, high-value diamonds recovered, combined with market pressure has negatively impacted the average dollar per carat and revenue achieved during the Period.
Operational performance
Increasing grid electricity interruptions caused a reduction in volumes of ore processed. In addition, higher than expected internal basalt dilution in certain domains of ore that was treated impacted throughput. To mitigate the impact of internal basalt dilution, improve plant stability and large diamond
recoveries, in the latter part of Q2 2023, an operational decision to open crusher gaps and to slow
throughput in the processing plant was implemented.
TCFD and Climate Following the adoption of the TCFD recommendations, the Group committed to a carbon emissions
(Scope 1 and 2) reduction target of 30% by 2030. Improving energy-use efficiency and reducing the consumption of diesel and electricity remain top priorities, while appropriate alternative low-carbon and
renewable energy sources are being considered.

see & read more on
https://www.gemdiamonds.com/press-releases/2023/pdf/half-year-report-2023.pdf