Gemstones - Copperbelt Katanga Mining

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

Mining in Zambia Gemstones

Gemfields Earns $35 Million from Rough Emerald Auction

May 31, 2024May 31, 2024 Constance

Gemfields Group, a miner and marketer of colored gemstones, generated total revenue of $35 million from an auction of higher-quality rough emeralds held from May 13 to 30. The rough emeralds auctioned were extracted by Kagem, a mine 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia. Out of 46 lots offered, 43 were sold, achieving an average price of $167.51 per carat. “We are very pleased to report robust auction results despite slightly softer market conditions. Today’s result demonstrates that both demand and willingness to… Read More Here

Mining in Zambia Gemstones

Gemfields Introduces ‘G-Factor for Natural Resources’ to Enhance Transparency

April 25, 2024April 25, 2024 Constance

London-listed Gemfields has unveiled updated figures for its ‘G-Factor for Natural Resources’, designed to promote transparency in revenue sharing with host countries’ governments. The measure, introduced in July 2021, aims to provide a clear indicator of the percentage of revenue allocated to host governments in primary and direct taxes across various sectors, including mining, oil, gas, timber, and fishing. Gemfields’ recent report on the G-Factor computations for its key mining subsidiaries, the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique, reveals scores of 31% and 35%… Read More Here

Gemstones Gold International

Gemfields Evaluates Options for Nairoto Gold Prospect in Mozambique

March 27, 2024March 27, 2024 Constance

Gemfields, a leading ruby and emerald miner, is considering seeking a partner or exploring a potential sale for its Nairoto gold prospect in Mozambique, depending on drilling results. During the company’s annual results announcement on Monday, CEO Sean Gilberton emphasized that while Gemfields is not inclined to become a long-term gold production company, it remains open to strategic partnerships or divestment of the Nairoto project. The decision regarding Nairoto will be heavily influenced by the drilling and assay results, particularly from the TL5 section of the project. Despite initial interruptions… Read More Here

Mining in Zambia Gemstones

Grizzly Mining’s Dubai Auction Showcases Strong Demand for Zambian Emeralds

March 23, 2024March 23, 2024 Constance

Grizzly Mining, a leading emerald producer, recently conducted a successful international emerald auction in Dubai, showcasing medium- to high-grade rough emeralds from its flagship Grizzly emerald mine in Zambia. The auction generated $19 million in sales, with notable interest from 76 clients. A highlight of the auction was the sale of an exceptional 4,145-carat gem-quality rough emerald, fetching over $1 million. Grizzly’s Chairperson, Abdoulaye Ndiaye, expressed satisfaction with the auction’s outcome, emphasizing the continued strong demand for high-quality Zambian emeralds. A total of 117 emerald lots were offered, with 112… Read More Here

Mining in Zambia Gemstones

Gemfields Records Strong Revenues in 2023 Despite Production Challenges

March 23, 2024March 23, 2024 Constance

Gemstone miner Gemfields achieved its second-highest yearly revenues in 2023, driven by record prices for rough colored gemstones sold at auction. However, production challenges were encountered at its key operating assets, the Kagem emerald mine in Zambia and the Montepuez Ruby Mining (MRM) in Mozambique, compared to the previous year. CEO Sean Gilbertson expressed optimism about the company’s future despite production setbacks, highlighting ongoing investments aimed at transforming the business. He mentioned upcoming auctions in Jaipur for emeralds and rubies, indicating strong demand for colored gemstones. In 2023, Kagem and… Read More Here

Mining in Zambia Emeralds Gemstones

Women Break Ground in Heavy Machinery Operation at Kagem Mining

February 16, 2024February 16, 2024 Constance

In a revolutionary shift towards gender diversity and inclusion, Kagem Mining is rewriting the narrative of women in the mining industry. What was once considered an unconventional sight—women skillfully maneuvering heavy-duty machinery—is now becoming a norm at the emerald mine, challenging traditional gender stereotypes and fostering an environment of empowerment. The journey towards inclusivity began in 2022 when Kagem welcomed four female heavy equipment operators into its workforce. Since then, the mine has made remarkable strides, recently incorporating an additional 11 female operators, totaling 14 women in this role alone.… Read More Here

Gemstones Mining in Zambia Precious Stones

Gemfields Achieves Strong Auction Revenues in 2023 Despite High-Quality Emerald Auction Withdrawal

February 1, 2024February 1, 2024 Constance

Gemstone mining company Gemfields reported robust auction revenues and pricing for both emeralds and rubies, reaching $242 million in 2023. This marks the second-highest year in Gemfields’ history, even with the withdrawal of the higher-quality emerald auction in November 2023. Gemfields’ 75%-owned Kagem emerald mine in Zambia witnessed a notable improvement in the quality and quantity of premium emeralds recovered in recent months. Emerald auction revenues for the year amounted to $90.4 million. The company’s 75%-owned Montepuez ruby mine in Mozambique earned $151.4 million for the year. Gemfields’ cumulative emerald… Read More Here

Gemstones Precious Stones

Gemfields Surpasses Auction Revenue Milestone with Strong Ruby Sales

December 7, 2023December 7, 2023 Constance

Gemfields, renowned for its ruby and emerald mining, recently concluded a successful auction, boasting total revenues of $69.5 million from the sale of 97 lots, comprising 239,591 carats of rough rubies. The average price realized for the rubies stood at $290.02 per carat, marking a prosperous auction for the mining company. These rough rubies, extracted by Montepuez Ruby Mining (MRM), a joint venture with Mozambican partner Mwiriti (75% owned by Gemfields and 25% by Mwiriti), will see the entire proceeds repatriated to MRM in Mozambique. Notably, all owed royalties to… Read More Here

Mining in Zambia Gemstones Precious Stones

Zambia Introduces Cutting-Edge Digital System for Gemstone Oversight

November 26, 2023November 26, 2023 Constance

Zambia takes a significant leap forward in gemstone management as the Ministry of Mines, in collaboration with the Zambia Revenue Authority (ZRA), introduces a cutting-edge online system for gemstone production reporting and export permits. This groundbreaking platform is set to revolutionize how the country oversees gemstone production reports and compliance processes. Hapenga Kabeta, Permanent Secretary of the Ministry of Mines, heralds the digital platform as a game-changer, poised to streamline gemstone production return filings and simplify permit applications within the sector. Dr. Kabeta envisions the system as a catalyst for… Read More Here