Gemfields recorded high emerald output at its 75 percent owned Kagem mine, in Zambia for the three month period and year ending 30 June 2012.
It said in a statement that production at the mine was 7.3 million carats during the last quarter of the financial year 2012 from the previous quarter’s 4.9 million carats.
Gemfields said the emerald grade, however, fell to 181 carats per tonne from 236 carats, adding that unit production costs also eased to 57 cents per carat from 85 cents.
"On the back of solid demand for Gemfields' products, pleasing stock levels and healthy cash balances, our decision to focus primarily on mine development and waste mining during the past year is, I believe, well justified,” said company chief executive Ian Harebottle.
“Despite some early minor delays and slightly lower than anticipated full year production volumes, the past few quarters have continued to deliver improving production volumes, a trend that is likely to continue in the near term.
Gemfields said it recorded revenue of $9.0 million from 3.47 million carats sold during the Jaipur auction last June
Its cash balance for the financial year was $36.7 million.
Meanwhile, Gemfields said that the Montepuez ruby mine in Mozambique was on track to commence bulk sampling in the coming quarter
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
