https://www.miningweekly.com
Gemfields|Mining|Gemstones|Products
Gemfields|Mining|Gemstones|Products
gemfields|mining|gemstones|products

Gemfields records revenues of $4.2m from ruby auction

27th September 2022

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

Aim-listed Gemfields generated revenues of $4.2-million from an auction of predominantly commercial-quality sapphire, corundum and low-quality ruby held from September 19 to 23.

The gemstones were extracted by Montepuez Ruby Mining (MRM), which is 75%-owned by Gemfields and 25% by Mwiriti Limitada.

The proceeds of the auction will be fully repatriated to MRM in Mozambique, with all royalties due to the government being paid on the full sales prices achieved at the auction, the company notes.

All of the 18.1-million carats on offer in 18 lots were sold, with an average sales price of $0.23/ct achieved.

Twenty-nine companies placed bids during the auction.

“The buoyant conditions prevailing in the coloured gemstone market made this an excellent time to sell several years of accumulated MRM commercial-quality inventory.

“We thank and congratulate the government of Mozambique and our partners at Mwiriti – both of whom attended the auction – on what are very healthy results for material of this quality,” comments Gemfields products & sales MD Adrian Banks

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
Updated 6 hours ago

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
17th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.287 0.332s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: