Gemfields hereby announces the Company’s audited financial results for the year ended 31 December 2020 (“2020 Results”). The content of this short form announcement is the responsibility of the board of directors of the Company.
Sean Gilbertson, CEO of Gemfields, commented:
“Gemfields faced unprecedented challenges in 2020 as a result of Covid-19 and our full year results reflect the magnitude of the impact. The spread of the virus meant that we have been unable to hold auctions in our traditional format since February 2020. This in turn resulted in the Group implementing assorted cash saving measures, including suspending operations at the emerald and ruby mines operated by Kagem Mining Limited (“Kagem”) and Montepuez Ruby Mining Limitada (“MRM”) respectively. We believe the difficult decisions taken during 2020 best position Gemfields for an optimal recovery in 2021.”