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Gemfields increases production after disruptions of 2020

2nd August 2021

Features Deputy Editor and Chief Photographer

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Gemstone miner Gemfields’ 75%-owned Kagem emerald mine, in Zambia, produced 10.34-million carats of gemstones, including emeralds and beryls during the first half of the year, while its Mozambique-based Montepuez ruby mine, in Mozambique, produced 2.05-million carats.

This is despite the Kagem mine not having produced in January and February, while production at its Montepuez mine was suspended in January.

Kagem’s production was up from the 9.38-million carats produced in the first half of 2020, but significantly down from the 42.48-million carats produced in the first half of 2019.

The mines’ total cash cost operating costs for the first six months were $11.83-million, down from $21.32-million for the full year of 2020.

In terms of gemstone sales, 270 000 ct of stones from the Kagem mine were offered for auction during March, all of which were sold for $31.4-million.

Montepuez’s first-half production of 260 000 ct was down from the 1.25-million carats produced during the corresponding period of 2020 and the 2.23-million carats produced in the whole of 2019.

The mine’s first-half total cash cost operating costs were $12.84-million, down from the $20.77-million of 2020 and $32.75-million of 2019.

As for gemstone sales, Gemfields offered 73 000 ct of stones in a March auction, of which 34 000 ct were sold for a combined value of $58.9-million.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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