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…
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…
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 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…
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…
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 registers early resource for Mozambique gold prospect
GEMFIELDS described drilling results from its Nairoto Gold Project in Mozambique as “exciting initial and early stage news” after defining an inferred mineral resource containing…
Sedibelo Platinum write-down forces ruby miner into the red
THE decline in platinum group metal (PGM) prices last year weighed heavily on Gemfields, the ruby and emerald miner which has a 6.45% stake in Sedibelo Platinum Mine. Commenting…
Gemfields warns recessionary pressures may dampen sales after record 2022
GEMFIELDS was unlikely to scale the heights in free cash flow generation it achieved in 2022 for its current financial year, but it hoped to provide a regular stream of returns,…
Gemfields says “basic operations” resume following evacuation of Montepuez ruby mine
GEMFIELDS said “basic operations” had resumed at its Montepuez ruby mine in Mozambique which had been evacuated last week following an attack on a neighbouring property.…
Gemfields evacuates Montepuez ruby mine as insurgency flares up at neighbour
MINING had stopped at Gemfields’ 75%-owned Montepuez mine in Mozambique following an attack on a neighbouring property thought to be perpetrated by insurgents. The ruby and…