|
RAPAPORT... Gemfields reported that production from its Kagem emerald mine in Zambia jumped 33 percent year on year to 6.5 million carats for the third fiscal quarter that ended on March 31. Kagem's grade also improved during the period, from 236 carats per tonne of ore one year ago to 265 carats this year and Gemfields lowered unit production costs 34 percent to 56 cents per carat. The bulk-sampling operations at the company's Mozambican ruby project are progressing, according to Gemfields, which plans to hold its first ruby auction in about one year from now. The core infrastructure is largely established and the miner and its partner have stepped up security at the property to reduce illegal mining. Primary stage mining and processing equipment is on site and operational. A pilot and semi-mobile ore processing plant has been designed, fabricated and commissioned and continues to test the characteristics of the ore. In January, Gemfields completed the acquisition of the Faberge brand. Gemfields reported cash of $22.1 million and total debt outstanding of $11 million as of March 31. Ian Harebottle, the CEO of Gemfields, said, “Gemfields is pleased to report the results of another positive quarter for the company. We also achieved record revenue from our most recent auction of lower-quality rough emerald and beryl, despite a small drop in the average per carat price achieved. We continue to seek to address the possible ban on foreign auctions by the Ministry of Mines in Zambia and – in that light - we are delighted to be hosting the first-of-its-kind ‘2013 Zambian Emerald Summit’ in Lusaka at the end of this month to facilitate discussion among all of the key emerald sector stakeholders.”
|