Gemfields, which mines emeralds in Zambia and rubies in Mozambique, realised $121 million in revenues in the first half of the year compared to $145.3 million a year earlier.
The precious stones miner said its 75%-owned Kagem emerald auction revenue in the first six months of 2024 was $52.2 million, down from the previous year’s $64.9 million.
It said its 75%-owned Montepuez ruby mine (MRM) ruby auction revenue was $68.7 million in the interim period compared to the previous year’s $80.4 million.
The group’s cash and cash equivalents were $22.3 million, with $66.7 million of outstanding debt, resulting in a net debt position of $44.4 million on June 30, 2024.
The net cash position excluded the outstanding balance of auction receivables of $65.5 million as of June 30, 2024.
Gemfields said it continues to invest in its capital expenditure plan, funded through a mixture of cash reserves and increased debt.
It said that Kagem's wash plant upgrade was finished and running at a higher processing rate, while the construction of MRM's second processing plant is still on schedule and under budget, with completion expected by the end of the first half of 2025.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
