Last checked at 17 Dec 2015 07:00
17 December 2015
GEM DIAMONDS LIMITED
("Gem Diamonds" or "the Company")
Appointment of Michael Lynch-Bell as non-Executive Director
Gem Diamonds Limited (LSE: GEMD) is pleased to announce the appointment of Michael Lynch-Bell as an independent non-Executive Director with effect from 16 December 2015.
Mr Lynch-Bell spent a 38 year career with Ernst & Young (EY) having led its Global Oil & Gas, UK IPO and Global Oil & Gas and Mining transaction advisory practices. He was a member of the assurance practice from 1974 to 1996 when he transferred to the Transaction Advisory Practice. He was also UK Alumni sponsor and a member of the firm's EMEIA and Global Advisory Councils. He retired from EY as a partner in 2012 and continued as a consultant to the firm until November 2013.
Mr Lynch-Bell is currently Senior Independent non-Executive Director and Audit Committee Chair at Kaz Minerals plc; Independent non-Executive Director, Remuneration Committee member and Audit Committee Chair at Lenta Limited; and Independent non-Executive Director, Compensation Committee Chair and Audit Committee Chair at Transocean Partners LLC. Mr Lynch-Bell is also currently honorary treasurer, board member, audit and risk committee member and finance & funding committee chair for ActionAid International, a Human Rights campaigning NGO.
Chairman Roger Davis commented: "I am delighted to welcome Michael to the Board as a non-Executive Director and Chair to the Audit Committee. His wealth of experience in finance and mining will complement the skill set of the existing board. "
No other information in connection with Mr Lynch-Bell's appointment is required to be disclosed pursuant to LR 9.6.13R
For further information:
Gem Diamonds Limited
Glenn Turner, Company Secretary
Tel: +44 (0) 203 043 0280
Bell Pottinger
Daniel Thöle / Joanna Boon
Tel: +44 (0) 203 772 2500
About Gem Diamonds
Gem Diamonds is a leading global diamond producer of high value diamonds. The company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the twenty largest white gem quality diamonds ever recorded.
Gem Diamonds has a growth strategy based on the expansion of the Letšeng mine and bringing the Ghaghoo mine into production, while maintaining its strong balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the industry over the medium to long term, particularly at the high end of the market supplied by Gem Diamonds, this strategy positions the Company well to generate attractive returns for shareholders in the coming years.
www.gemdiamonds.com