Further update regarding Mozambique unrest
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Date27 Dec 2024
On 24 December 2024, Gemfields made an announcement regarding incidents occurring on 23 December 2024 and involving groups associated with illegal ruby mining taking advantage of the prevailing political unrest in Mozambique and setting fire, inter alia, to community buildings built by Montepuez Ruby Mining Limitada in Mozambique (“MRM”). These incidents took place in and around Namanhumbir, a village immediately adjacent to MRM’s principal residential infrastructure (“MRM Village”).
Update regarding Mozambique unrest
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Date24 Dec 2024
On Monday 23 December 2024, the Mozambican Constitutional Council issued its decision regarding the October 2024 election. News of the ruling has given rise to further unrest in Mozambique. Gemfields has several operations in Mozambique’s northernmost province of Cabo Delgado, the largest being Montepuez Ruby Mining Limitada in Mozambique (“MRM”) and which is 75% owned by Gemfields.
Strategic Update
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Date23 Dec 2024
Following Gemfields’ most recent emerald and ruby auctions (the results of which were published on 22 November and 12 December 2024 respectively), the Group announces that it has taken, and will continue to undertake, actions to cut costs and streamline business activity amid four key challenges being encountered concurrently, while maintaining focus on the Group’s principal growth project, completion of the second ruby processing plant at Montepuez Ruby Mining Limitada in Mozambique (“MRM”).
Auction Results: Mixed-quality Rubies
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Date12 Dec 2024
Gemfields announces the results of an auction comprised of mixed-quality rough ruby held during the period 25 November – 11 December 2024. Highlights: December 2024 Mixed-Quality Ruby Auction Total auction revenues of USD 46.2 million. 97 of the 102 lots offered for sale (comprising 167,865 carats) were sold (95%). A lower quantity of ‘premium’ rubies on offer was the key driver of the lower auction revenues. Average price per carat reached a record high for our mixed-quality ruby auctions, while observing some softer prices and thinner bidding. Mining operations in Mozambique remain unaffected by ongoing civil unrest following the contested election.