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Gemfields PLC (GEM.L)

GEM.L on London Stock Exchange

22 Mar 2017
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-0.38 (-0.83%)
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Latest Key Developments (Source: Significant Developments)

Gemfields half-year revenue falls
Monday, 20 Feb 2017 02:17am EST 

Gemfields Plc : Half year revenue 51 million usd versus 94 million usd year ago . H1 revenue $51 million versus $94 million year ago . H1 EBITDA loss of $ 4.3 million versus profit of $35.6 million year ago . H1 loss after tax $13.6 million versus $8.2 million year ago . Says emeralds - kagem production of 10.7 million carats of rough emerald and beryl (2015: 15.7 million carats) . Says emeralds - kagem average grade, inclusive of ore from bulk sampling pits, of 166 carats per tonne (2015: 254 carats per tonne) . Says rubies - montepuez growth in rough ruby and corundum production to 5.6 million carats (2015: 2.1 million carats) . Says rubies - montepuez higher grade achieved at 29 carats per tonne (2015: 15 carats per tonne) . Says rubies - montepuez 52 pct increase in premium quality rough rubies recovered . Says due to impact of demonetisation programme in India, Gemfields has decided to remove one of scheduled higher quality emerald auction from current financial year . Says removal of this auction will result in a material reduction in revenue and EBITDA for financial year ending June 30, 2017 . Low H1 production at Kagem mine seen to reduce targeted total production of rough emerald and beryl to 25 to 30 million carats for 2017 (previous guidance 30 - 35 million carats).  Full Article

Gemfields says 84 pct of emeralds sold at Lusaka auction for $22.3 mln
Monday, 20 Feb 2017 02:00am EST 

Gemfields Plc : Lusaka emerald auction results . Proceeds of this auction will be fully repatriated to Kagem Mining Ltd in Zambia . Auction revenues of $22.3 million; . Average per carat sales value of $63.61 - third highest to date; . 349,935 carats were sold (84 pct by weight and 95 pct by value) out of 417,060 carats offered .24 Kagem auctions held since July 2009 have generated $459 million in total revenues..  Full Article

Miner Gemfields reports fall in Q2 emerald and ruby production
Monday, 6 Feb 2017 02:00am EST 

Gemfields Plc : Emeralds- Production summary for 75 pct-owned Kagem mining limited in Zambia for quarter ending 31 December 2016 . Production of 4.7 million carats of Emerald and Beryl with an average grade of 156 carats per tonne .Production of 1.1 million carats of Ruby and Corundum with an average grade of 12 carats per tonne.  Full Article

Gemfields says FY EBITDA rises to $69.4 mln
Monday, 26 Sep 2016 02:00am EDT 

Gemfields Plc : FY revenue $193.1 mln versus 171.4 mln year ago . Says FY EBITDA of $69.4 mln (2015: $64.4 mln); . Says FY revenue of $193.1 million (2015: $171.4 mln) . Says FY profit after tax of $23.5 million (2015: $12.3 million) . Says cash at bank of $41.5 million as at June 30 2016 (2015: $28.0 mln) .Sees demand for its rubies and emeralds to continue to rise in coming year driven and supported by company's global marketing initiatives.  Full Article

Gemfields annual gemstone production of 30 mln carats of emerald and beryl
Monday, 1 Aug 2016 02:16am EDT 

Gemfields Plc : Says production of 7.2 million carats of emerald and beryl (versus 8.1 million carats in quarter ending 30 june 2015) . Says annual gemstone production of 30.0 million carats of emerald and beryl is in line with guidance (versus 30.1 million carats in fy 2015 . Says in fy 16 gemfields had two rough ruby and corundum auctions for usd 73.1 million in auction revenues at average value of usd 45.50 per carat .Says production summary for 75%-owned kagem mining limited in zambia for quarter ending 30 june 2016.  Full Article

Gemfields says finalises four debt financing facilities worth $65 mln
Monday, 4 Jul 2016 02:00am EDT 

Gemfields Plc : Announced finalisation of four debt financing facilities . $20 mln financing facility with Macquarie Bank Limited agreed in May 2016 . $45 mln facility for ruby operations, Montepuez Ruby Mining Lda, 75% owned by Gemfields Plc .Loan with Macquarie replaces $25 mln debt facility entered into in April 2015 and is used for general corporate purposes.  Full Article

Gemfields says Singapore ruby auction revenues of $44.3 mln
Monday, 20 Jun 2016 02:25am EDT 

Gemfields Plc : Singapore rough ruby auction revenues of usd 44.3 million . Singapore rough ruby auction average realised price of usd 29.21 per carat .Singapore rough ruby auction 1.5 million carats sold out of total of 1.6 million carats offered.  Full Article

Gemfields Plc Acquisition of controlling interests in two emerald projects in Colombia
Thursday, 10 Sep 2015 02:01am EDT 

Gemfields Plc:Says it has entered into binding agreements to acquire controlling interests in two emerald projects with operations and prospects located predominantly in the Boyacá state in Colombia.Says the Coscuez Licence includes exclusive rights for the exploration, construction and mining of emerald deposits granted by the Government of the Republic of Colombia within the area historically known as the 'Coscuez mine' in the municipality of San Pablo de Borbur, Department of Boyacá.Says Under the terms of the transaction agreements, Esmeracol S.A. will transfer the Coscuez Licence to a newly incorporated Colombian company and Gemfields will, at completion, acquire an indirect 70% interest in Coscuez NewCo.  Full Article

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UPDATE 1-UK's Gemfields says India's demonetisation drive to hurt FY results

Feb 20 British precious stone miner Gemfields plc said on Monday India's move to scrap higher value banknotes forced the company to delay an emerald auction and would hurt its full-year revenue and core earnings.