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Gemfields’ 2Q Emerald and Beryl Production +41%

Feb 17, 2016 3:00 AM   By Rapaport News
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RAPAPORT... Gemfields reported emerald and beryl production from the Kagem mine in Zambia surged 41 percent year on year to 8.2 million carats in the second quarter that ended December 31. Ruby and corundum output from the Montepuez deposit in Mozambique slumped 53 percent to 1.6 million carats.

Meanwhile, Fabergé sales orders rose 13 percent compared with a year earlier, according to a statement February 16.

The colored gemstone sector “appears to have avoided many of the challenges being faced within the diamond and wider resource sector,” said Ian Harebottle, Gemfields’ chief executive officer.

“Kagem delivered a 41-percent increase in production volumes year-on-year while costs continue to be well maintained,” Harebottle added. “The second quarter of the 2016 financial year has delivered positive results across Gemfields' operations. This is an excellent achievement and clearly demonstrates the positive impact of our ongoing commitment to increased efficiencies and improved mining methods.”

The miner said in the statement it maintains its 2016 production target of 25 to 30 million carats for rough emeralds and 8 million for rough rubies.
Tags: beryl, corundum, emeralds, Gemfields, gemstones, mining, Production, Rapaport News, rubies
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