Gemfields full-year profit rises 2% on record ruby, emerald sales
Faberge jewellery brand owner Gemfields Group reported a 2% rise in full-year profit on Friday helped by higher prices for uncut emeralds and rubies.
The precious stone miner said headline earnings per share, the main profit measure in South Africa, rose to 4.8 US dollar cents for the year ended Dec. 31, from 4.7 US dollar cents a year earlier.
Gemfields owns 75% each of the Montepuez ruby mine in Mozambique and Kagem emerald mine in Zambia, with the two countries' respective governments owning the balance. It also owns the Faberge jewellery brand.
Higher gem prices drove Gemfields' revenue to a record high $341-million in 2022, up 32% from $258-million the year before.
The Mozambique ruby mine's revenue was $167-million, a 13% increase on the previous year, while the Zambian emerald mine contributed $147-million to group revenue, after a 62% increase. Faberge's contribution to Gemfields' revenue was $18-million, a 28% increase from 2021.
Gemfields' Mozambican operations are in the northern Cabo Delgado province, which has seen an Islamic State-linked insurgency that has claimed thousands of lives since it broke out in 2017, disrupting multi-billion-dollar natural gas and mining projects.
Gemfields' CEO Sean Gilbertson told analysts on Friday operations at Montepuez ruby mine remained stable and uninterrupted, although the company temporarily shut down its exploration camp at Nairoto in February after an insurgency attack was reported nearby.
Gilbertson said employees had started to return to the camp, where Gemfields is exploring for gold.
Last October, Gemfields suspended operations at Montepuez for four days after an attack attributed to insurgent activity was reported at the neighbouring ruby mine belonging to Gemrock, about 12 km (7.46 miles) away.
Comments
Research Reports
Projects
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
