Gemfields, which mines emeralds in Zambia has produced 7.9 million carats during the quarter to 30 September 2012 compared to 7.3 million carats in the prior quarter.
It said in a statement that it also recorded a grade of 259 carats per tonne of ore unit during the period under scrutiny against 181 carats per tonne in the prior quarter and a production cost of $0.50 per carat (excluding capitalised waste moving costs).
Gemfields said Kagem's large-scale and ongoing waste movement programme in Zambia, which seeks to open up new areas for future ore production continued to progress to plan.
"On the back of ongoing solid demand for Gemfields' ethically sourced coloured gemstones, adequate stock levels, healthy cash balances and well proven reserves, the decision to focus primarily on mine development and waste mining during the past year has been well justified,” said company chief executive Ian Harebottle.
Gemfields said it expected an overall increase in operating efficiencies and performance as the stripping ratio stabilises in the medium term and as Kagem was able to mine both waste and ore more efficiently.
About 1.7 million tonnes of waste were moved during the quarter compared to 1.9 million tonnes in the previous quarter with cash rock handling unit costs decreasing to $3.3 per tonne in the current quarter against $3.5 in the prior quarter.
“This, together with the promising progress that we have achieved at our Mozambican ruby mine, provides management with the confidence required to continue with the implementation of our ambitious growth plans, believing these to be integral to the future success of the Company and the transformation of the coloured gemstone sector as a whole," Harebottle said.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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