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Pallinghurst share price leaps on value unlock outline

By: Martin Creamer     19th May 2017 The share price of mining investment fund Pallinghurst leapt in Johannesburg after the company outlined its plans to swop its investment fund shawl for a diversified miner’s mantle, unlock value through full absorption of its coloured gemstone associate and target a possible listing of the... 

Gemfields achieves ‘mixed’ results in Q3; withdraws from Colombia, Sri Lanka operations

By: Anine Kilian     12th May 2017 Aim-listed Gemfields’ 75%-owned Kagem mine in Zambia produced 4.5-million carats of emerald and beryl during the quarter ended March 31. This was three-million carats less than the same period last year, with Gemfields attributing the lower output to inclement weather during the period. It is... 

Mozambique authorities act to protect mining tax base from illegal activities

By: Keith Campbell     5th May 2017 The Cabo Delgado Provincial Command of the Mozambique Republic Police announced late last month that it had expelled more than 4 000 illegal miners form the Namanhumbir area since February. Fifty of the illegal miners, composed of both Mozambicans and foreigners, had been arrested. The foreigners... 

Analysts paint sparkling picture of coloured gemstone market

By: Ilan Solomons     28th April 2017 The shift from small-scale artisanal mining to larger mechanised mining, owing to the increasing involvement of larger mining companies and greater formalisation of the sector, is expected to increase the distribution channel of the coloured gemstone industry, which will continue to consolidate... 

Analysts paint sparkling picture of coloured gemstone market

By: Ilan Solomons     28th April 2017 The shift from small-scale artisanal mining to larger mechanised mining owing to the increasing involvement of larger mining companies and greater formalisation of the sector is expected to increase the distribution channel of the coloured gemstone industry, which will continue to consolidate, as... 

Pallinghurst turns $45m profit, upbeat on 2017, mulling options

By: Martin Creamer     29th March 2017 Diversified mining company Pallinghurst, which made $45-million profit in 2016, is upbeat on 2017. The Johannesburg Stock Exchange-listed company spoke of all three of its business platforms being well positioned for further growth and value-unlock. 

Australian miners issue encouraging reports from their African operations

By: Keith Campbell     17th March 2017 Australian junior mining companies active in Lusophone Africa have reported good news from both Angola and Mozambique. The companies concerned are the Lucapa Diamond Company, operating in Angola, and Mustang Resources, active in Mozambique. Lucapa has announced that total diamond sales to date... 

Mustang acquires 65% stake in another Moz licence

By: Esmarie Swanepoel     28th February 2017 Ruby miner Mustang Resources has acquired a 65% interest in a new ruby licence that borders its existing Montepuez project, in Mozambique, for 30-million of its own shares and $100 000 in cash. Artisanal miners are reportedly recovering large, high-quality rubies from the licence area, which is... 

Gemfields’ Q2 emerald output nearly halves

By: Anine Kilian     6th February 2017 Production of emerald and beryl at Aim-listed Gemfields’ 75%-owned Kagem mine, in Zambia, nearly halved to 4.7-million carats in the three months to December 31, compared with the 8.2-million carats produced in the three months to December 2015. CEO Ian Harebottle said the mine experienced a... 

Mozambique’s ruby sector advances

By: Keith Campbell     3rd February 2017 Mozambique’s ruby mining sector continues to develop, with Australia-domiciled Mustang Resources announcing in late January that it had despatched its first commercial parcel of the precious stones from its project in that country to the US. This parcel contained 6 221 carats of rubies, of which... 

Gemfields rakes in $30.4m at latest auction

By: Megan van Wyngaardt     19th December 2016 Aim-listed miner Gemfields has achieved auction revenues of $30.4-million at its latest rough ruby auction from its 75%-owned Montepuez deposit, in Mozambique. Running between December 12 and 16, Gemfields sold 1.09-million carats from the 1.37-million carats on offer, translating to an average... 

Gemfields postpones emerald auction for Indian customers to adjust to new reforms

By: Natasha Odendaal     1st December 2016 Aim-listed Gemfields has postponed its emerald auction until February to allow its India-based customers time to adjust to that country’s newly implemented demonetisation programme, which removes high denomination banknotes from circulation. The two-month delay in auctioning the predominantly... 

Mustang recovers 460.4 ct of ‘high quality’ rubies at Moz prospect

By: Ilan Solomons     18th November 2016 ASX-listed junior miner Mustang Resources has recovered a total of 460.4 ct of “high-quality” rubies from its flagship Montepuez ruby project in Mozambique. Mustang MD Christiaan Jordaan notes that these rubies are the first recoveries from 2 683 t of initial material processed by the company’s... 

Gemfields’ drop in Kagem output offset by surge at Montepuez

By: Natasha Odendaal     1st November 2016 Aim-listed Gemfields on Tuesday reported a decline in emerald and beryl output from the Kagem emerald mine, in Zambia, while production of ruby and corundum from the Montepuez ruby mine, in Mozambique, surged dramatically during the first quarter of the year. In a quarterly market update to... 

Gemfields auction nets $11.1m

By: Creamer Media Reporter      30th September 2016 Aim-listed Gemfields’ latest auction of emerald and amethyst has netted revenue of $11.1-million. The auction, held in Jaipur, India, from September 26 to 29, included commercial-quality rough emerald extracted at Gemfields’ 75%-owned Kagem mine, in Zambia, and higher-quality amethyst mined by... 

Gemfields posts higher FY profits as production shines

By: Natasha Odendaal     26th September 2016 Significant operational progress at Aim-listed Gemfields’ 75%-owned mining assets in Zambia and Mozambique have translated into strong financial output in the year ended June 30. The gemstone miner on Monday posted a profit after tax of $23.5-million for the year under review, up 91% on the... 

Pallinghurst suffers H1 losses as market strains continue

By: Megan van Wyngaardt     21st September 2016 Diversified investment company Pallinghurst Resources on Wednesday reported another interim loss of $32-million for the six months ended June 30. This was, however, a significant improvement on the loss of $149-million incurred in the six months to June 30, 2015, owing to improved commodity... 

Precious and ornamental stones in the limelight in Moz, Angola

By: Keith Campbell     16th September 2016 Mozambican miner Montepuez Ruby Mining Limitada (MRM) has been recognised as the country’s second biggest exporter in the mining sector last year, and as the largest exporter from the northern province of Cabo Delgado, where its mine is located. These recognitions have been made by the Export... 

Mustang to commission Moz bulk sampling plant in September

By: Creamer Media Reporter      11th August 2016 Junior Mustang Resources will commission a bulk sampling mining plant at its Montepuez ruby project, in Mozambique, in early September. Ongoing reconnaissance pitting at the project has yielded another 19 rubies and confirmed a secondary ruby deposit hosting gem-quality rubies. Mustang has also... 

Mustang raises cash for Mozambique ruby project

By: Creamer Media Reporter      5th August 2016 Junior Mustang Resources has raised $1-million through a placement to professional and sophisticated investors to scale up a planned bulk sampling programme at the Montepuez ruby project, in Mozambique. Mustang has received commitments for 25-million new shares at 4c each from professional and... 

Australian miner recovers precious stones in Mozambique

By: Keith Campbell     5th August 2016 Australian Stock Exchange-listed Mustang Resources has announced that it has recovered ten rubies during exploration and trenching work at its Montepuez project in Mozambique. The rubies totalled 2.16 carats. Mustang’s project is located adjacent to UK miner Gemfields already operational... 

Gemfields FY ruby production exceeds guidance

By: Creamer Media Reporter      1st August 2016 Aim-listed Gemfields’ 75%-owned Montepuez ruby mine, in Mozambique, produced 10.3-million carats of ruby and corundum in the year ended June 30, exceeding guidance of eight-million carats and the 8.4-million carats produced in the prior financial year. Gemfields on Monday noted that the volume of... 

Mustang recovers first rubies at Mozambique project

By: Creamer Media Reporter      27th July 2016 ASX-listed Mustang Resources has recovered ten rubies, totalling 2.61 ct, from initial trenching activities at its flagship Montepuez ruby project, in Mozambique. The trenching programme is being used to delineate targets for a bulk sampling programme and to assist in mapping gravel layers... 

New funding to boost ruby mining

By: Martin Creamer     4th July 2016 Coloured-gemstone miner and marketer Gemfields announced on Monday that it had finalised four new debt financing facilities totalling $65-million. Gemfields CFO Janet Boyce said Gemfields now had the necessary funding to increase its rough ruby production to 20-million carats a year and rough... 

Preparations for drilling, trenching at Moz ruby project on schedule

By: Ilan Solomons     24th June 2016 On-site activities in preparation for the start of drilling and trenching at ASX-listed junior miner Mustang Resources’ Montepuez ruby project, in Mozambique, are progressing on schedule, says company MD Christiaan Jordaan. He points out that Mustang has established an exploration base camp,... 

Gemfields’ latest ruby auction raises $44.3m in revenue

By: Anine Kilian     20th June 2016 Aim-listed Gemfields’ latest auction of ruby extracted from its 75%-owned Montepuez ruby mine, in Mozambique, earned revenues of $44.3-million. The auction, held in Singapore this month, recorded average realised prices of $29.21/ct. Forty-four companies placed bids at the auction, which offered... 

RUBY LAND

By: Martin Creamer     3rd June 2016 A girl pans in a stream near Mogok, Myanmar, which is estimated to produce 90% of the world's rubies. The area, 450 km north of the capital Napyidaw, also hosts sapphire and semi-precious lapis lazuli, garnet, moonstone, peridot and chrysoberyl. This ‘Valley of Rubies’, in the former Burma, is a... 

Gemfields achieves another successful emerald auction

By: Creamer Media Reporter      23rd May 2016 The latest auction of emeralds recovered at Aim-listed Gemfields’ 75%-owned Kagem mine, in Zambia, has generated revenues of $14.3-million, pushing the mine’s overall revenues for the financial year to date above $100-million. Of the 3.67-million carats of lower-quality emeralds put on offer, 76%... 

Gemfields posts ‘solid’ production in Q3

     4th May 2016 Despite reporting lower year-on-year emerald and beryl production in the three months to March 31, Gemfields CEO Ian Harebottle said the company had “another pleasing quarter of solid production across its emerald and ruby operations”. He noted that both its 75%-owned Kagem and Montepuez... 

Gemfields achieves record price per emerald carat at auction

By: Natasha Odendaal     4th April 2016 Aim-listed Gemfields has achieved a record price per higher-quality carat at its latest emerald auction, held in Lusaka, from March 30 to April 3. Revenue of $33.1-million was generated through the sale of 469 000 ct of predominantly higher-quality rough emeralds extracted by 75%-owned Kagem... 

Pallinghurst reports significant losses in Q4 statement

By: Anine Kilian     30th March 2016 Partly offset by the weakening rand, JSE-listed Pallinghurst Resources saw a loss of $149-million  for the year ended December 31, 2015, compounded by a decrease in the share price compared and an 8% decrease in the company’s net asset value. Pallinghurst CEO Arne Frandsen said that the high... 

Positive H1 revenue for Gemfields, CEO predicts ‘a year of two halves’

By: Anine Kilian     22nd February 2016 The first six months of the financial year have seen steady demand for emeralds and rubies, with Aim-listed precious gems producer Gemfields reporting $94-million in revenue and earnings before interest, taxes, depreciation and amortisation of $35.6-million, in the six months ending 31 December... 

Gemfields posts strong Q2 results, ups emerald production by 41%

By: Samantha Herbst     16th February 2016 AIM-listed precious gems producer Gemfields enjoyed a strong second quarter in the three months to December 31, delivering positive results across all operations, including a 41% increase in year-on-year production volumes at its 75%-owned Kagem emerald mine, in Zambia. Kagem, the largest... 

Legal, illegal Mozambique rubies and legal Angola diamonds in the spotlight

By: Keith Campbell     29th January 2016 Mozambican mining company Montepuez Ruby Mining Limitada has made public its concerns about unfair competition by illegal miners. The company operates a ruby and corundum mine at Namanhumbir in the Montepuez district, which lies in the southern region of Cabo Delgado Province. It is 75%-owned by... 

Gemfields achieves record sales price for lower-quality emeralds

By: Megan van Wyngaardt     23rd November 2015 Twenty-nine companies placed bids in Aim-listed Gemfields’ second auction of production from its 75%-owned Kagem mine, in Zambia, in the current financial year, with 4.45-million carats of the 5.07-million carats of lower-quality emerald on offer sold, generating $19.2-million. The auction, held... 

Mustang muscles in on Mozambique

By: Esmarie Swanepoel     22nd October 2015 ASX-listed junior Mustang Resources has signed an agreement with private Australian miner Montepuez Minerals to acquire an 80% share in the unlisted company, giving Mustang access to three highly prospective ruby licences in Mozambique. By acquiring an 80% stake in Montepuez, Mustang would... 

Gemfields reports higher FY earnings, output

By: Megan van Wyngaardt     7th October 2015 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. 

Investment firm upbeat about Gemfields' outlook

By: Natasha Odendaal     5th October 2015 While gemstone miner Gemfields holds an attractive, unique investment case, short-term headwinds in the luxury goods market could hold back share price performance, SP Angel said on Monday. In an initiation note, the investment firm explained that, with the successful execution of an expanded... 

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