Wednesday, October 9, 2024
spot_img

Gemfields considers partnership for gold prospecting in Mozambique

Mining company Gemfields is evaluating the possibility of seeking a partner to assist in the development of its gold prospect in Mozambique, according to recent reports by news portal Miningmx.

Gemfields’ CEO, Sean Gilbertson, stated that the company is not interested in becoming a long-term gold production company, but is open to alternative options, including the sale of Nairoto Resources, a joint venture company in which Gemfields holds a 75% stake.

Gemfields’ next steps will be determined by the results of the drilling and testing carried out on the TL5 project, whose activities began in 2020 and were subsequently interrupted by the covid-19 pandemic. The company continues to invest in the project, showing confidence in its potential.

However, Gemfields faced challenges last year, with a significant drop in profits. Adjusted share gains fell by 72%, while cash flow recorded a negative figure of 29 million dollars. Despite this, the company remains committed to its investments, including a 49 million dollar investment in the ruby mine in Montepuez, Mozambique.

The news of Gemfields’ possible partnership generated reactions in the financial market, with the company’s shares falling by approximately 3%. However, CEO Sean Gilbertson expressed confidence in the company’s ability to overcome challenges and achieve positive results.

Entrevistas Relacionadas

Coral North: Eni’s new gas project receives support from Japan in Cabo Delgado

The Coral North FLNG project, developed by the Italian...

PR highlights sovereign wealth fund’s role in managing gas revenues

The President of the Republic of Mozambique, Filipe Nyusi,...

Eni to reduce net emissions in the Upstream sector by 40% in 2023

In a statement released on May 15, 2024, Eni,...

ENH’s debt in gas projects could have a negative impact on the country’s finances, warns CIP study

A recent study by the Center for Public Integrity...