Gemfields FY ruby production exceeds guidance

JOHANNESBURG (miningweekly.com) – Aim-listed Gemfields’ 75%-owned Montepuez ruby mine, in Mozambique, produced 10.3-million carats of ruby and corundum in the year ended June 30, exceeding guidance of eight-million carats and the 8.4-million carats produced in the prior financial year.

Gemfields on Monday noted that the volume of higher-quality rubies recovered in the year under review had increased 68%.

During the financial year, Gemfields had held two rough ruby and corundum auctions, which generated revenue of $73.1-million.

Meanwhile, Gemfields’ 75%-owned Kagem emerald mine, in Zambia, had produced 30-million carats of emerald and beryl in the year ended June 30, in line with the 30.1-million carats produced the year before.

Four rough emerald and beryl auctions were held during the year under review, generating revenues of $101.3-million. 

“Demand for our products and the way in which they are presented continue to rise, achievable prices are on the increase and costs are well contained while the level of work and output has increased significantly.

“This is an exceptional achievement in itself, but is even more impressive when considered against a backdrop of market uncertainty in a number of jurisdictions and Gemfields' ever expanding operating footprint,” CEO Ian Harebottle commented.