Gemstones - Copperbelt Katanga Mining

Gemfields Suspends Emerald Sales Amid Zambian Export Duty

January 31, 2025January 31, 2025 Constance0 comment

Gemfields (LON: GEM) (JSE: GML), a leading miner of coloured precious stones, has paused the sale of emeralds from its Kagem mine in Zambia following the reintroduction of a 15% export tariff earlier this month. The company hopes the Zambian government will reverse the decision soon. Zambia, the world’s second-largest emerald producer after Colombia, initially imposed the 15% export duty in early 2019, but it was removed in January 2020 following industry pushback. However, the government reintroduced the tariff this year, prompting Gemfields to halt sales. The company had previously… Read More Here

International Gemstones

Gemfields Warns of Potential Disruptions at Mozambique Ruby Mine Amid Rising Unrest

December 25, 2024December 25, 2024 Constance

Gemfields Group announced on Tuesday that disruptions could affect operations at its largest ruby mine in Mozambique, following escalating unrest tied to October’s disputed election. The violence, which includes protests from opposition groups claiming election fraud, has resulted in significant unrest, particularly after Mozambique’s top court confirmed the victory of the ruling Frelimo party on Monday. According to civil society group Plataforma Decide, at least 130 people have been killed in clashes with police. Foreign mining operations in Mozambique, including those of South32, have also been impacted by the unrest.… Read More Here

Gemstones International

Gemfields Records $46.2 Million in Revenue from Latest Ruby Auction Despite Market Challenges

December 13, 2024December 13, 2024 Constance

Gemfields, a leading gemstone miner, reported $46.2 million in revenue from its recent auction of mixed-quality rough rubies recovered from the Montepuez ruby mine in Mozambique. The auction, which featured 102 lots, saw 97 lots successfully sold. The auction revenue was impacted by a lower quantity of premium rubies available, which Gemfields identified as the primary factor driving the lower-than-expected results. However, the company noted that the average price per carat reached a record high for its mixed-quality ruby auctions, despite observing softer prices and thinner bidding. The rubies were… Read More Here

Mining in Zambia Gemstones

Gemfields Sells Only 61% of Emeralds at Latest Auction Amid Market Challenges

September 22, 2024September 22, 2024 Constance

Gemfields, listed on both the Johannesburg and London stock exchanges, sold only 61% of the emeralds offered at its latest auction, generating $10.8 million in total revenue. The average sales price was $4.47 per carat. The auction, held from August 27 to September 13, featured 46 lots, but only 28 were sold. Adrian Banks, Gemfields’ Managing Director of Product and Sales, attributed the weaker-than-expected results to several market pressures. “The luxury goods, diamond, and gemstone markets are facing significant headwinds due to conflicts, elections, economic uncertainty in China, and broader… Read More Here

Gemstones International

Gemfields Earns $2.3 Million from Auction of Sapphires, Corundum, and Rubies

September 15, 2024September 15, 2024 Constance

Johannesburg- and London-listed gemstone miner Gemfields generated $2.3 million in revenue from an auction held from September 2 to 4. The auction featured primarily commercial-quality sapphires, corundum, and rubies. All 5.7 million carats offered across ten lots were sold, achieving an average price of $0.41 per carat. The gemstones were sourced from Montepuez Ruby Mining (MRM) in Mozambique. Most of the auction’s offering comprised corundum and sapphires, which are by-products of MRM’s mining operations. Despite the commercial nature of these goods, the auction saw strong attendance and high demand. “The… Read More Here

International Gemstones Mergers & Acquisitions

URA Holdings Acquires Majority Stake in Curlew Emerald Mine

July 27, 2024July 27, 2024 Constance

London-listed URA Holdings, owner and operator of the Gravelotte emerald mine in Limpopo, South Africa, has acquired a majority interest in Prasinus Exploration, the owner of the Curlew emerald mine in Western Australia’s Pilbara region. URA purchased a 65% interest in Prasinus for A$450,000 (approximately £237,000) and has the option to acquire the remaining 35% interest for an additional A$300,000 (about £158,000) in URA shares after a 12-month period, which expires on October 18, 2025. “We are thrilled to add a controlling interest in the Curlew mine to our portfolio.… Read More Here

Mining in Zambia Gemstones

Gemfields Reports Strong Revenue and Expansion Progress

July 27, 2024July 27, 2024 Constance

Gemstone miner Gemfields has reported total auction revenues of $121 million for the first half of the year, driven by strong demand for rough emeralds and rubies. In its interim results, Gemfields confirmed that construction of a second processing plant at its 75%-owned Montepuez ruby mine in Mozambique is on budget and scheduled for completion by mid-2025. At the 75%-owned Kagem emerald mine in Zambia, the wash plant upgrade is complete and operating at an enhanced processing rate. The company reported a net debt of $44.4 million for the period,… Read More Here

Mining in Zambia Gemstones

Kagem delivers ZMW 38 million (USD 1.5 million) dividend to the IDC

July 18, 2024July 18, 2024 Constance

Kagem Mining Limited (Kagem) has handed over ZMW 38 million (USD 1.5 million) to the Industrial Development Corporation (IDC).The funds represent dividends from 2023 to the government’s investment arm, which owns 25% of the shares in what is believed to be the world’s largest producing emerald mine, and underscore Kagem’s ongoing commitment to contribute to Zambia’s economic development. The handover highlights Kagem’s continued dedication to striving towards responsible mining practices and transparent financial management and reinforces the company’s commitment to adhering to the ‘G-Factor for Natural Resources’ model championed by… Read More Here

Gemstones

Gemfields Earns $68.7 Million from June Ruby Auction

June 19, 2024June 19, 2024 Constance

London-listed Gemfields Group reported total auction revenues of $68.7 million from the June auction of mixed-quality rough rubies recovered from the Montepuez ruby mine in Mozambique. The auction saw 94 of the 97 lots offered for sale—comprising 217,044 carats—successfully sold, achieving a 97% sales rate. An average price of $316.95 per carat was realized. The rough rubies were extracted by Montepuez Ruby Mining (MRM), a joint venture with Gemfields owning 75% and its Mozambican partner Mwiriti holding the remaining 25%. The proceeds from the auction will be fully repatriated to… Read More Here

Mining in Zambia Gemstones Mining Personality

Gemfields Announces Board Restructuring for Growth and Leadership

June 15, 2024June 15, 2024 Constance

Gemfields, holding a majority stake in the Kagem emerald mine in Lufwanyama, Zambia, has unveiled significant changes to its Board of Directors effective 1 July 2024, following an extensive search for new leadership. Bruce Cleaver, renowned for his global expertise in mining gemstones and marketing, will assume the role of Chair and Independent Non-Executive Director. Formerly Chief Executive Officer and Co-Chair of De Beers Group, Cleaver brings a wealth of experience and will also chair the Nomination Committee. Martin Tolcher, reflecting on his 15-year tenure and nearly five years as… Read More Here