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Gemfields Closes Loan Deal to Hike Ruby Output
Jul 5, 2016 10:53 AM
By Rapaport News
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RAPAPORT... Gemfields has secured $65 million of debt financing which
will be used to ramp up ruby production and for general expenses. 
The facilities provide Gemfields the necessary funding to
carry out expansion plans at the Montepuez mine in Mozambique, said Janet
Boyce, Gemfields’ chief financial officer. Three Mozambique-based banks allocated
loans of $15 million each for the ruby operation as Gemfields targets 20
million carats a year at Montepuez. It recovered 8.4 million carats in the
fiscal year that ended June 30, 2015.
An additional $20 million loan from Macquarie Bank will
be used for general corporate expenses, Gemfields explained. Gemfields has a
separate $30 million credit facility for the Kagem mine in Zambia where it
plans to raise production to over 40 million carats, from 30.1 million in
fiscal 2015.
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Tags:
emerald, finance, Gemfields, Kagem, Montepuez, Mozambique, Rapaport News, ruby, zambia
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