https://www.miningweekly.com
Construction|Gemfields|Rubies
Construction|Gemfields|Rubies
construction|gemfields|rubies

Gemfields reports $121m first-half auction revenue

26th July 2024

By: Darren Parker

Creamer Media Senior Contributing Editor Online

     

Font size: - +

Gemstone miner Gemfields has reported total auction revenues of $121-million for the six-month period ended June 30, with demand for rough emeralds and rubies continuing to remain robust.

In the company’s interim results, it said the construction of a second processing plant at its 75%-owned Montepuez ruby mine, in Mozambique, remained on budget and on track for completion by the end of the first half of next year.

Meanwhile, at Gemfields’ 75%-owned Kagem emerald mine, in Zambia, the wash plant upgrade is complete and operating at an increased processing rate.

The company reported a net debt position of $44.4-million for the six-month period before auction receivables of $65.5-million, noting that this was because it continued to invest in its capital expenditure plan, funded through a mixture of cash reserves and increased debt.

Gemfields also highlighted that $10-million had been returned to shareholders so far this year to reflect the good results achieved in 2023.

The company plans to hold a commercial-quality emerald auction in the third quarter, followed by a higher-quality emerald auction and a mixed-quality ruby auction in the fourth quarter.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 06 December 2024
Magazine round up | 06 December 2024
6th December 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:0.103 0.133s - 144pq - 2rq
Subscribe Now