AIM-listed Gemfields said an underground feasibility study has shown that extending the current open pit mine at its Kagem emerald mine in Zambia to a large-scale underground operation will be economically viable.
The study, which only covered Kagem's existing principal pit on the Fwaya-Fwaya belt, also gave a projected 20-year life-of-mine producing approximately 34 million carats per annum.
Gemfields would commence accelerated underground construction and development at the mine in the financial year 2014 – 2015.
"We will now look to accelerate the development and implementation of a large-scale underground project at our flagship operation on the Fwaya-Fwaya belt, while continuing to assess the potential future development of the additional belts available within the greater mining licence area," said chief executive Ian Harebottle.
The emerald miner also reported a positive JORC Code compliant Indicated Mineral Resources of 2.75 million tonnes or 1.0 billion carats of emerald and beryl at 365 carats/tonne
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
Exclusive
Dr M'zée Fula Ngenge: Demand for considerable-sized diamonds stronger than ever
The African Diamond Council (ADC) chairperson Dr M'zée Fula Ngenge told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that although overall global diamond prices have been somewhat soft, the demand for considerable-sized diamonds...
02 september 2024
Amplats sees prospects as a standalone company
Anglo has revealed its plans to demerge Anglo American Platinum (Amplats), which has operations in South Africa and Zimbabwe, to optimise shareholder value. Rough&Polished contacted Amplats to comment on this and other issues but was referred...
19 august 2024
WFDB President Yoram Dvash Remains Confident Despite Global Diamond Challenges
Yoram Dvash is President of the World Federation of Diamond Bourses (WFDB) having been elected in 2020. He found time in his busy schedule to speak to Rough&Polished about the state of the diamond industry around the world and some of the major...
12 august 2024
Lyudmila Vysotskaya: Amber is a mystical stone, a living substance
Lyudmila Vysotskaya is a Kaliningrad-based amber artist and designer, expert, chairwoman of the Amber Academy and member of the Creative Union of Artists in Decorative and Applied Arts. This summer, visitors could admire the art works by Lyudmila Vysotskaya...
30 july 2024
De Beers shines light on budding jewellery designers
Diamond giant De Beers will this year conduct its bi-annual Shining Light Awards jewellery design competition. De Beers beneficiation manager Kagiso Fredericks told Rough & Polished's Mathew Nyaungwa in an exclusive interview they set aside 4.5 carats...
22 july 2024
