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Gemfields’ Auction Revenue Drops 50% in H1
The nearly six-month pause of operations at its Kagem emerald mine earlier this year impacted the miner’s first-half results.
Gemfields published an operational update on Thursday with details on its H1 auction revenue.
London—Gemfields’ auction revenue fell in the first half of the year, the company said in an operational update on Thursday.
The miner reported $60 million in auction sales for the six-month period ending June 30, a 50 percent drop from the $121 million the company achieved in H1 of 2024.
At the start of the year, the company suspended mining at its Kagem emerald mine to reduce costs. It continued to process stockpiles using its upgraded wash plant.
In May, it reopened two production points at the deposit’s Chama pit with a further moderated expansion from July.
Also in the update, Gemfields said the second processing plant it is constructing at the Montepuez ruby mine in Mozambique is nearing completion.
The first ruby production is expected to take place in August, with full operations to commence in September.
Gemfields’ interim financial results are set to be published on Sept. 26.
Related stories will be right here …
The miner reported $60 million in auction sales for the six-month period ending June 30, a 50 percent drop from the $121 million the company achieved in H1 of 2024.
At the start of the year, the company suspended mining at its Kagem emerald mine to reduce costs. It continued to process stockpiles using its upgraded wash plant.
In May, it reopened two production points at the deposit’s Chama pit with a further moderated expansion from July.
Also in the update, Gemfields said the second processing plant it is constructing at the Montepuez ruby mine in Mozambique is nearing completion.
The first ruby production is expected to take place in August, with full operations to commence in September.
Gemfields’ interim financial results are set to be published on Sept. 26.
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