Gemfields’ Montepuez ruby mine unable to pay group fees
GEMFIELDS’ Montepuez Ruby Mine (MRM) in Mozambique is currently unable to pay management and auction fees to the group, as weak ruby grades continue to weigh on the operation…
Gemfields takes $125m hit at Montepuez ruby mine
GEMFIELDS expects to report a $73.5m loss for the six months to June after taking a $125.2m impairment against its Montepuez ruby mine in Mozambique, where it recovered fewer…
Gemfields shares hit record low after CEO exit
SHARES in Gemfields, the JSE-listed coloured-gemstone producer, sank to an all-time low this week, deepening investor unease about the company’s turnaround prospects following…
Mozambique mining law risks deterring foreign investors
MOZAMBIQUE’S new requirement for the state to hold a 15% free-carry stake in all mining ventures risks deterring foreign investment, said Reuters citing the Southern African…
Mozambique mandates 15% state stake in all mines
MOZAMBIQUE’S President Daniel Chapo has signed into law a requirement for 15% state ownership in all mining ventures, along with a ban on exporting unprocessed or semi-processed…
Kenmare’s year of prices, politics and pain
MOZAMBIQUE is having a moment, and not in a good way. Fresh from the divestment of Australian miner South32 following the forced closure of aluminium smelter Mozal near Maputo,…
Gemfields girds market for loss, debt pressure
RUBY and emerald miner Gemfields said it would post a loss for its 2025 financial year ended December owing to subdued prices, a delay to an expansion project, and operational…
The late Brian Gilbertson is a true mining legend
THE term “mining industry legend” gets bandied about a lot whenever some well-known industry executive dies but it’s one that Brian Gilbertson – who passed away in December –…
Illegal miners kill police at Gemfields ruby mine
GEMFLELDS Group said today its Montepuez ruby mine in northern Mozambique was stormed by illegal miners, resulting in the deaths of two police officers. Around 40 intruders…
Gemfields to post $24.6m interim loss on lower sales
GEMFIELDS expects to report an interim loss of $24.6m (R435.8m) following disrupted emerald production and less premium rubies mined. In a trading statement ahead of its…
Gemfields sells iconic luxury brand Fabergé for $50m
GEMFIELDS is to sell iconic jewellery brand Fabergé for $50m in a development that helps bolster the miner’s under-pressure balance sheet. The buyer is US-based private…
Gemfields shares rise as ruby expansion offsets gloom
GEMFIELDS will commission a second processing plant at its ruby mine Montepuez in Mozambique in September, the company said on Friday. Shares in the company gained 17% in early…
Gemfields ruby auction realises $31.7m
GEMFIELDS reported strong demand for fine-quality rubies on Monday despite market turbulence, with its latest mixed-quality ruby auction generating $31.7m in revenue. “Demand and…
Gemfields to restart Kagem mining as emeralds recover
GEMFIELDS said on Thursday it will restart open pit mining at its Kagem emerald mine in Zambia after pausing production for four months amid subdued market prices, and as part of…
Gemfields to hold $30m rights issue as it plunges into far worse-than-expected losses
Emerald and ruby producer Gemfields is to hold a $30m rights issue at a deep discount to its current share price as it moves to shore up its finances in the face of severe losses…
The Jo’burg network behind Zanaga iron ore revival
ONCE upon a time CEOs of companies as grand as Anglo American migrated to a beachside villa or golfing redoubt when they retired. Not today. Take the list of investors stumping…
Zambia suspends 15% export duty on emeralds
ZAMBIA has suspended a 15% export duty on emeralds following meetings with the country’s mining sector. Effective on January 1, the export duty would almost certainly have sunk…
Hope for Gemfields as emerald duty “may be revoked”
GEMFIELDS Group said it could resume exports of emeralds from Zambia as a duty on gemstones re-imposed by the southern African country in January “may be revoked”. Commenting in…
Zambia’s debt cover fears may be behind gemstones tax hike
GRIZZLY by name, grisly by nature. Senegalese-owned family business Grizzly Mining flooded the Zambian emerald market to such an extent last year that it forced South Africa’s…
Gemfields to meet Govt. in bid to save hundreds of jobs
FAILURE to extract a change of heart from the Zambian government this week over a controversial export duty on emeralds could result in hundreds of retrenchments, said Sean…