Gemfields reports $121m first-half auction revenue
Gemstone miner Gemfields has reported total auction revenues of $121-million for the six-month period ended June 30, with demand for rough emeralds and rubies continuing to remain robust.
In the company’s interim results, it said the construction of a second processing plant at its 75%-owned Montepuez ruby mine, in Mozambique, remained on budget and on track for completion by the end of the first half of next year.
Meanwhile, at Gemfields’ 75%-owned Kagem emerald mine, in Zambia, the wash plant upgrade is complete and operating at an increased processing rate.
The company reported a net debt position of $44.4-million for the six-month period before auction receivables of $65.5-million, noting that this was because it continued to invest in its capital expenditure plan, funded through a mixture of cash reserves and increased debt.
Gemfields also highlighted that $10-million had been returned to shareholders so far this year to reflect the good results achieved in 2023.
The company plans to hold a commercial-quality emerald auction in the third quarter, followed by a higher-quality emerald auction and a mixed-quality ruby auction in the fourth quarter.
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