Gemfields Reports Strong Revenue and Expansion Progress
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, before accounting for auction receivables of $65.5 million. This debt level reflects ongoing investments in capital expenditure, funded through a mix of cash reserves and increased borrowing.
Additionally, Gemfields highlighted a $10 million return to shareholders this year, reflecting strong results from 2023.
Looking ahead, Gemfields plans to hold a commercial-quality emerald auction in the third quarter, followed by a higher-quality emerald auction and a mixed-quality ruby auction in the fourth quarter.
