Gem mulls Ghaghoo buyout offer; H1 revenues decrease

LSE-listed Gem Diamonds, which on Thursday reported lower revenue and earnings for the six months to June 30, is considering an offer from an undisclosed party that is interested in buying its Ghaghoo mine, in Botswana, which was placed on care and maintenance earlier this year. The company in February announced that it would halt operations at the mine with immediate effect owing to the weak state of the diamond market for the category of diamonds produced at Ghaghoo. Meanwhile, revenue for the six months under review decreased to $92.9-million, compared with $109.1-million for the six months to June 30, 2016.