Gemfields, a leading gemstone mining company, announced revenues of 7.6 billion meticais (121 million dollars) for the six-month period ending June 30, 2024. This performance reflects robust demand for rough emeralds and rubies, as reported by the news portal Engineering News.
In its interim results, Gemfields highlighted significant progress in the construction of a new processing plant at its Montepuez ruby mine in Mozambique. 75% owned by the company, the new facility is scheduled for completion by the end of the first half of next year and is on budget.
At the Kagem emerald mine in Zambia, where Gemfields also has a 75% stake, the modernization of a plant was successfully completed, resulting in a higher processing rate.
The company reported a net debt position of 2.8 billion meticais (44.4 million dollars) before auction proceeds of 4.1 billion meticais (65.5 million dollars). This increase in debt is attributed to continued investment in Gemfields’ capital expenditure plan, financed by a combination of cash reserves and increased debt. To date, the company has returned 632 million meticais (10 million dollars) to its shareholders.
In June 2024, Gemfields held an auction of raw rubies at the Montepuez Ruby Mining (MRM) mine in Cabo Delgado province, Mozambique. The auction generated 4.3 billion meticais (68.7 million dollars), with 94 of the 97 lots sold, resulting in a satisfaction rate of 97%. The average price per carat was set at 316.9 dollars (19.9 thousand meticais). The proceeds of the auction will be fully repatriated to MRM, with all royalties due to the Government of Mozambique duly paid.
