Gemfields has produced 10.34 million carats of gemstones, including emeralds and beryls at its 75%-owned Kagem emerald mine, in Zambia in the first half of the year compared to 9.38-million carats, a year earlier.
It also produced 2.05-million carats of rubies at its Montepuez ruby mine, in Mozambique.
The increase in output was despite Kagem’s closure between January and February as operations only resumed in March 2021 following the suspension of mining operations in April 2020 due to the COVID-19 pandemic.
Meanwhile, Gemfields said its group’s cash and cash equivalents were $67.3 million as of 30 June 2021, with $38.6 million of outstanding debt with ABSA and Banco Comercial E De Investimentos, resulting in a net cash position of $28.7 million.
The net cash position excludes the outstanding balance of auction receivables of $6.6 million.
It said year-to-date emerald auction revenue was 31.4 million, while the ruby auction revenue was $58.9 million, bringing the total revenue for both minerals to $90.3 million.
Total Kagem emerald auction revenue in 2020 was $22.4 million, while no ruby auctions were conducted last year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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