Gemfields reports $60m in first-half auction revenues
Aim-listed gemstone miner Gemfields has reported total auction revenues of $60-million for the half-year ended June 30.
The company also reports a net debt position of $59.6-million, before auction receivables of $16.1-million, as at June 30, which includes proceeds from the fully underwritten $30-million rights issue completed on June 13 through the issuance of 556.2-million new shares.
Additionally, the company notes that construction of its subsidiary Montepuez Ruby Mine’s second processing plant, in Mozambique, is nearing completion and remains materially on budget, with first ruby production expected in August and full completion anticipated during September.
Gemfields further says its 75%-owned Kagem emerald mine, in Zambia, resumed focused mining in May by reopening two production points in the Chama pit, with a further moderated expansion from July while continuing to process stockpiles through its upgraded wash plant.
Full commentary on the operational performance and financial results will be available in Gemfields’ interim results, which are due to be published on September 26.
Meanwhile, the company also notes that material progress has been made in respect of the strategic review of its wholly-owned luxury brand Fabergé.
Comments
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