Gemfields, which mines emeralds in Zambia and rubies in Mozambique, posted EBITDA for the six months ended June 30, 2023, of $73 million, compared to about $105 million, a year earlier.
The miner said it, however, maintained a healthy EBITDA margin of 47.5% for the period.
Its first-half revenue was $154 million from the previous year’s $193 million.
Company chief executive Sean Gilbertson said recent production at the Kagem emerald mine had been lower than anticipated, both in quality and quantity.
“This resulted in our decision to withdraw November’s higher-quality emerald auction from this year’s schedule and bring the available production to market in 2024,” he said.
“This is understandably disappointing, but such periods have been seen in the past, and we always wish to ensure we have an optimal offering when we bring our gemstones to auction. Given the withdrawal of this auction, we are not presently positioned to match 2022’s standout financial performance in 2023.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
