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…
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…
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…
Gemfields hit by shock 15% export duty on Zambian emeralds
ZAMBIA has imposed a shock 15% export duty on precious gemstones adding further pressure on Gemfields which operates the country’s Kagem emerald mine. Sean Gilbertson, CEO of…
Uncertainty high for Mozambique miners as protests continue
PRESSURE is likely to remain high on the share prices of Mozambique miners Kenmare Resources and Gemfields Group as tensions remain high in the southern African nation. According…
Gemfields ready to defend balance sheet if market weakens
GEMFIELDS CEO Sean Gilbertson said on Friday the company was prepared to cut costs and seek additional finance if there was a repeat of poor gemstone auctions this year. He was…
Gemfields appoints former De Beers boss as board chair
EMERALD and ruby miner Gemfields scored a coup with the appointment of former De Beers CEO Bruce Cleaver as its non-executive chairperson, effective July 1. Cleaver, who led the…