Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Reports a 17% decline in auction revenue to $121 million for the first six months of 2024 from $145 million a year earlier. These unaudited figures have been produced on a monthly basis for Gemfields’ 75%-owned Kagem emerald mine in Zambia, 75%-held Montepuez Ruby Mining Ltda in Mozambique and luxury brand Faberge. At June 30, the group’s cash and cash equivalents were $22.3 million, with $66.7 million of outstanding debt, resulting in a net debt position of $44.4 million.
Gemfields says construction of Montepuez mine’s second plant remains on budget and on track for completion by end of the first half next year. Also says Kagem’s wash plant upgrade is complete and operating at an increased processing rate.
Commercial-quality emerald auction is due in the third quarter, followed by a higher-quality emerald auction and a mixed-quality ruby auction in the last quarter this year. Gemfilds expects to release its interim financial results on September 27.
London stock price: 11.70 pence
12-month change: down 25%
Johannesburg stock price: R 2.70
12-month change: down 23%
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