Gem Diamonds Discussing Merger With Lucara

Diamond producer Gem Diamonds is in
preliminary discussions with another miner, Lucara Diamonds, about a
possible merger, the company announced March 21.

Lucara’s key assets include the AK6 diamond mine in Botswana
and the Mothae diamond mine in Lesotho. Gem Diamonds owns mines and projects in
Botswana, Lesotho, Australia, and Indonesia.

A statement from Lucara president and CEO William Lamb said  it was “in regular contact and in discussions
with many companies in the diamond sector, one of which is Gem, as part of its strategy
to continuously review possible growth opportunities. No discussions are at an
advanced stage with any company.”

Gem Diamonds agreed that “these discussions are at a very
early stage and there can be no certainty the contemplated merger will occur or
of the timing or terms of any such transaction.”

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