February 16, 2017 / 8:50 AM / in 8 months

Gem Diamonds mothballs mine in Botswana due to weak diamond market

Feb 16 (Reuters) - Gem Diamonds Ltd said it would place its Ghaghoo mine in Botswana under care and maintenance with immediate effect due to a fall in diamond prices.

The company, which mines diamonds from the Letseng mine in Lesotho and the Ghaghoo mine, said the move would result in an annualised care and maintenance cost of $3 million, post settlement expenses. (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)

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