Gemstones - Copperbelt Katanga Mining

Gemfields to triple processing capacity at Moz ruby mine

August 11, 2023August 11, 2023 Constance

Gemstone miner Gemfields’ 75%-owned Montepuez Ruby Mining (MRM) subsdiary has entered into a legally binding contract with specialist engineering group Consulmet to build an additional processing plant at MRM’s ruby mine in Mozambique. The addition of the second plant will triple MRM’s processing capacity from the existing 200 t/h to 600 t/h, allowing MRM to process its sizeable stockpile, bring to market additional size and colour variations of rubies and to assess and expand into additional mining areas. The contract is a lump-sum turnkey contract based on industry standard International Federation of Consulting Engineers terms. MRM’s payment obligations are agreed in… Read More Here

Mining in Zambia Gemstones

Kagem reaffirms commitment to its workforce

July 25, 2023July 25, 2023 Constance

Kagem Mining, a world-leading gemstone miner, held last week its long service and Labour Day awards ceremony, reiterating its commitment to fostering a supportive environment for its dedicated workforce.The event, held at the mine site in Lufwanyama, saw distinguished government officials, Kagem board members, and employees come together to honour and celebrate the dedication and diligence of Kagem’s workforce. The ceremony recognized and rewarded 103 exceptional employees for their long-standing service and hard work.The guest of honour, Lufwanyama District Commissioner Justin Mwalikwa, commended Kagem’s significant role in the local community,… Read More Here

Diamond Gemstones Mining in Zambia

Gemfields Achieves Record Revenue in High-Quality Emerald Auction

June 5, 2023June 5, 2023 Constance

Gemfields, a renowned supplier of precious gemstones, has revealed the astounding results of its recent emerald auction, featuring a selection of higher-quality rough emeralds. From 15 May to 1 June 2023, this auction achieved unprecedented success, setting new records and surpassing all expectations. The auction’s most remarkable achievement is the total auction revenues, which reached an all-time high of US$43.7 million. This extraordinary figure stands as a monumental record, representing the highest revenue ever attained in any Kagem emerald auction. Demonstrating the immense demand, all 35 lots offered were sold,… Read More Here

Gemstones

Gemfields resumes Mozambique operations after nearby attack

October 24, 2022October 24, 2022 admin

Precious stone miner Gemfields Group has resumed operations at its mine in Mozambique’s Cabo Delgado province, it said on Monday, after halting production last week when an attack was reported at a nearby facility. An Islamic State-linked insurgency in the northern Cabo Delgado province has claimed thousands of lives since 2017, disrupting multibillion-dollar natural gas and mining projects. Gemfields halted operations and evacuated non-security staff and contractors on Thursday after an attack attributed to insurgents was reported 12 km (7.46 miles) southeast of its Montepuez ruby mine in Cabo Delgado province. “Key… Read More Here

Gemstones International

Gemfields halts Mozambique operations after attack at nearby ruby mine

October 21, 2022October 21, 2022 admin

Precious gem miner Gemfields Group has stopped operations at its Montepuez ruby mine in Mozambique’s Cabo Delgado province after an attack was reported at a nearby facility, it said on Thursday. “This morning, an attack attributed to insurgent activity has been reported at the neighbouring ruby mine belonging to Gemrock, which lies about 12 km south-east of the operations… in which Gemfields holds a 75% interest,” Gemfields said in a statement. Mozambique’s northern Cabo Delgado province has seen an Islamic State-linked insurgency that has claimed thousands of lives since it broke out in 2017, disrupting multibillion-dollar natural gas and mining projects. Gemfields said it… Read More Here

Gemstones Emeralds Mining in Zambia

Gemfields anticipates more than 50% increase in net profit

October 3, 2022October 3, 2022 Copperbelt Katanga NewsGemstones, Zambia

Gemfields believes it is reasonably certain that its net profit after tax will be US$56.7 million for the six months ending 30 June 2022, comparative to a six-month period of US$23.8 million. Gemfields’ two key operating assets, MRM and Kagem, generated revenues of US$95.6 million and US$85.2 million respectively during the six-month period to 30 June 2021. 2022 saw the group return to its normal auction schedule of two emerald auctions and one ruby auction in the first half of the year. Following on from the strong auction results in… Read More Here

Mining in Zambia Emeralds Gemstones

Kagem emerald mine employs its first female heavy equipment operators

September 22, 2022September 22, 2022 arnbethnic

LUFWANYAMA, ZAMBIA – Four Zambian women have taken their seats behind the wheel of heavy equipment trucks at the Kagem emerald mine in Lufwanyama – the first women to take on the traditionally male-dominated job at the mine. The move is the latest development at the world’s single largest producing emerald mine, which prides itself on producing responsibly sourced gemstones under its ethos of transparency, legitimacy, and integrity. “We welcome our newest recruits to the mine and are confident they will perform well as part of our team of hard-working operatives who… Read More Here

Gemstones Mining in Zambia

Gemfields auction nets US$32.9 million

September 20, 2022September 20, 2022 admin

Gemfields has announced the results of an auction of predominantly commercial quality rough emeralds held from 31 August to 19 September 2022. The emeralds were extracted by Kagem Mining. The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction. The auction saw 44 companies placing bids, generating revenues of US$32.9 million with an overall average sales price of US$ 9.01 per carat, the second… Read More Here

Gemstones Mining in Zambia

Gemfields reports record 12-month auction revenue

July 27, 2022July 27, 2022 admin

Gemfields has reported record auction revenue of $330.3-million for the 12 months ended June 30. In a report on the company’s operating results and financial position for the period, released on July 27, Gemfields also reported $181.2-million in total auction revenues for the six months ended June 30, with all three auctions held in the period breaking previous records, the company said. At the end of the period, the company’s cash balance was $111.4-million, which excluded auction receivables of a further $81.1-million, while its gross debt balance was at $29.7-million.… Read More Here

Gemstones International Mining in Zambia

Gemfields share price soars by 7%

June 23, 2022June 23, 2022 admin

Gemfields’ stock soared nearly 7% on the JSE yesterday after the supplier of coloured gemstones said that its first ruby auction of the year brought in $95.6 million (R1.6 billion), the company’s all-time high auction income. In intraday trading on Monday, the shares were trading at R3.55. The Gemfields Group, headquartered in London and traded on the Johannesburg and London Stock Exchanges, specializes in emerald mining at the Kagem mine in Zambia and the Montepuez Ruby Mining (MRM) in Mozambique. According to the report, the ruby auction consisted of seven… Read More Here