Gemfields generates first ruby revenue in 15 months
London-listed Gemfields has generated revenue of $58-million from seven online ruby auctions held during March 15 to April 8.
The average selling price was $171.33/ct.
The 94 lots on offer, of which 89 were sold, comprised rubies mined before April 2020, when the company suspended mining operations at the Montepuez ruby mine, in Mozambique.
The company suspended the operations as a result of the Covid-19 pandemic and its related impacts, with operations having remained suspended until March this year to preserve cash during difficult market conditions.
Gemfields expects mining operations at Montepuez to ramp back up to full scale by the end of April.
The mine is 75%-owned by Gemfields and 25% by local partner Mwiriti.
“This auction, made up of seven sequential mini-auctions, has yielded the third highest revenue figure of the fourteen auctions which Montepuez has run since June 2014. We are very encouraged by the strong appetite from our clients and by the prices realised.
“As a result of the fall-out from the Covid-19 pandemic, this auction was also our first since December 2019, meaning we realised no sales at all for some 15 months,” comments Gemfields product and sales MD Adrian Banks.
Owing to the arising supply and demand dynamics, a number of the company’s clients have seen this auction as a vital opportunity to buy rubies, particularly given that Montepuez is only now restarting mining for its next mixed-quality ruby auction, which Gemfields hopes to host later this year.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
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
