Zambia Update: 15% Export Duty Suspended
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Date19 Feb 2025
Further to the announcement made by the Company on 8 January 2025, Gemfields is pleased to announce that the Honourable Minister of Finance of Zambia, Dr Situmbeko Musokotwane, has suspended the 15% export duty on precious gemstones and metals by issuing Statutory Instrument No. 4 of 2025 on 18 February 2025 (the Customs and Excise (Precious Stones and Metals) (Export Duty) (Suspension) Order). This suspension is effective immediately.
Zambia re-introduces 15% export duty on emeralds
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Date08 Jan 2025
Gemfields has become aware that a new statutory instrument in Zambia dated 30 December 2024 and which came into effect on 1 January 2025 (S.I. No. 88 of 2024, the Customs and Excise (Precious Stones) (Export Duty) (Suspension) (Revocation) Order, 2024) has revoked the 2019 suspension of a 15% export duty on precious gemstones. This directly impacts the Zambian emeralds mined by Kagem Mining Limited (“Kagem”) which is 75% owned by Gemfields and 25% owned by the Zambian Government’s Industrial Development Corporation.
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”).
Results of Annual General Meeting
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Date27 Jun 2023
Shareholders are advised that the Company’s Annual General Meeting (“AGM”) was held today, Tuesday 27 June 2023. The Company is pleased to announce that all resolutions set out in the Notice of AGM were passed by the requisite majority of shareholders.
Notice of AGM and B-BBEE Annual Compliance Report
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Date28 Apr 2023
Notice is hereby given that the Company’s Annual General Meeting (“AGM”), will be held at 123 Victoria Street, Westminster, London, SW1E 6DE on Tuesday 27 June 2023, at 10:00 a.m. (British Summer Time). The AGM will be an in-person only event.
Emerald Auction Results – Commercial Quality
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Date27 Mar 2023
Gemfields is pleased to announce the results of an emerald auction comprised of commercial-quality rough emeralds held during the period 6 March – 24 March 2023.
Unaudited Annual Results for the year ended 31 December 2022 & Dividend Announced
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Date24 Mar 2023
Gemfields is pleased to announce the Company’s unaudited financial results for the year ending 31 December 2022 (“2022 Results”). The content of this short form announcement is the responsibility of the board of directors of the Company.
Gemfields releases updated ‘G-Factor for Natural Resources’ figures
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Date15 Feb 2023
In July 2021, Gemfields announced the ‘G-Factor for Natural Resources’, a measure promoting greater transparency regarding the level of natural resource wealth shared with the governments of host countries, whether from the mining, oil, gas, timber or fishing sectors.