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Financial|Gemfields
Financial|Gemfields
financial|gemfields

Gemfields reports record 12-month auction revenue

Rough Ruby in primary deposit Montepuez Ruby Mine Gemfields

Rough ruby in primary deposit at Montepuez ruby mine

27th July 2022

By: Darren Parker

Creamer Media Contributing Editor Online

     

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Gemfields has reported record auction revenue of $330.3-million for the 12 months ended June 30.

In a report on the company’s operating results and financial position for the period, released on July 27, Gemfields also reported $181.2-million in total auction revenues for the six months ended June 30, with all three auctions held in the period breaking previous records, the company said. 

At the end of the period, the company’s cash balance was $111.4-million, which excluded auction receivables of a further $81.1-million, while its gross debt balance was at $29.7-million.

The figures were produced on a monthly basis for Gemfields’ 75%-owned Kagem emerald mine, in Zambia; its 75%-owned Montepuez ruby mine, in Mozambique; and Gemfields’ wholly-owned iconic luxury brand Fabergé.

Fabergé reported a zero cash draw from Gemfields in the six months to June 30. However, for the whole year ending June 30, Fabergé’s cash draw was $1.5-million.

Overall, Gemfields reported a cash capital expenditure for the six months ending June 30 of $14.1-million.

The company will publish its results for the six months ended June 30 on September 22.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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