Gem Diamonds shares jump as promotes Mike Brown to chair

(Alliance News) - Gem Diamonds Ltd on Wednesday announced that it has promoted Director Mike Brown to chair, succeeding Harry Kenyon-Slaney, who has stepped down after completion of his nine-year tenure.

The Lesotho-focused diamond miner said new Chair Brown has over 40 years of experience in the resources industry in operational, senior management and director roles, of which 30 years have been spent in the diamond sector.

Brown joined the company's board in January 2018. In line with UK corporate governance code recommendations, he has retired as member of the audit committee. He retains his position as chair of the sustainability committee.

The promotion of Brown to chair of the company is effective with the conclusion of the annual general meeting that took place on Wednesday.

The company said: "Through his service on the board, he has also gained valuable insight into the historical and future operational aspects at Letseng [diamond mine in Lesotho] and the high-value and high-quality diamond production for which the mine is renowned. The board believes this knowledge and experience will be particularly important as the company navigates the current challenging commercial environment."

Gem Diamonds shares rose 21% to 4.59 pence each on Wednesday afternoon in London.

By Tom Budszus, Alliance News slot editor

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