British junior miner Gem Diamonds has agreed to sell its Ellendale mine in Australia to Goodrich Resources for US$ 14.9 million, the companies announced Monday. The deposit has approximately 18 months of activities remaining but Goodrich plans to carry out an aggressive exploration program to increase the reserve and life of mine. Production at Ellendale reached 120,561 carats in the first nine months of 2012, with total sales hitting US$ 83 million.
Procedures of the sale will likely help Gem Diamonds fast-tracking expansion works at the Kholo pit of the Letseng mine in Lesotho and the development of the Ghaghoo mine in Botswana.