Gemfields reports higher FY earnings, output
JOHANNESBURG (miningweekly.com) – Aim-listed Gemfields’ earnings before interest, taxes, depreciation, amortisation and impairments improved to $64.4-million in the year ended June 30.
Revenue increased to $171.4-million, but the company’s after-tax profit fell by $4-million to $12.3-million.
Gemfields’ 75%-owned Kagem Mining company, in Zambia, had produced 30.1-million carats of emerald and beryl in the financial year, up from 20.2-million carats produced the year before.
Its 75%-owned Montepuez Ruby Mining concession, in Mozambique, also increased its output to 8.4-million carats of ruby and corundum for the year, up from the 6.5-million carats produced in 2014, owing to an increase in processed volumes that was driven by continued upgrades to the wash plant design.
“This was yet another strong year of growth and performance for Gemfields in which we have achieved record revenues and met or exceeded production guidance at our Kagem emerald and Montepuez ruby operations.
“Demand for coloured gemstones remained strong throughout the year, as is clearly demonstrated by the results of the six auctions held during the period, which saw various records per carat prices being achieved.
“This is a reflection of our continued marketing campaigns, the market's recognition of the quality of our coloured gemstones and the consistent way in which we are able to support the downstream sector’s business needs,” Gemfields CEO Ian Harebottle commented.
He added that global appreciation and demand for coloured gemstones continued to increase at a steady pace, with its pipeline of growth projects remaining exceptionally strong.
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