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Strong prices allows for higher output at Gemfields’ Kagem mine
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31st January 2011
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JOHANNESBURG ( − Aim-listed Gemfields said on Monday that production for the first six months of its 2011 financial year at 18,7-million carats had exceeded its entire prior year’s production of 17,4-million carats.

A significant increase in gem prices, owing to a continuous increase in demand, especially from Asian giants China and India enabled the increase in production, with the company producing 5,9-million carats for the quarter ended December 31, 2010, and 12,8-million carats during the previous quarter.

CEO Ian Harebottle said that the company’s flagship Kagem mine in Zambia enjoyed a robust production quarter, while also delivering “phenomenal” sales.

Gemfields reported a record single auction at its December auction, delivering proceeds of $19,6-million. The company completed five auctions in the past 18 months, realising revenues of $45,8-million.

Harebottle noted that the company had now settled all bank loans and leases, which left its key Kagem asset debt free.

The company reported a cash balance of $15,6-million on December 31, 2010.

Edited by: Mariaan Webb


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