Gem Diamonds has sold its Ghaghoo operation for a fraction of what it cost to build what was Botswana’s first underground diamond mine, as it failed yet again to diversify away from its Letšeng mine in Lesotho.

Gem Diamonds agreed to sell its failed Ghaghoo mine in Botswana to Pro Civil, a local company, for $5.4m (R77m)...

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