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.
Auction Results: Mixed-Quality Rubies
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Date19 Jun 2024
Gemfields is pleased to announce the results of a ruby auction comprised of mixed-quality rough rubies held during the period 3 to 18 June 2024.
Final 2023 auction results underscore the ongoing vitality of the ruby market
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Date06 Dec 2023
Gemfields is pleased to announce the results of a ruby auction comprised of mixed-quality rough rubies held during the period 20 November to 5 December 2023. The rough rubies were extracted by Montepuez Ruby Mining Limitada (“MRM”, which is 75% owned by Gemfields and 25% by its Mozambican partner Mwiriti Limitada). The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales price achieved at the auction.
Gemfields Auction Update
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Date13 Sep 2023
Gemfields provides an update regarding its gemstone auction schedule for the remainder of 2023. Gemfields completed an auction of commercial and low-quality ruby from the Montepuez ruby mine on 13 September 2023 and the results are set out below. An auction of commercial quality emeralds from the Kagem emerald mine is presently underway and Gemfields expects to announce the results on Monday 18 September 2023. The auction of higher quality emeralds from the Kagem emerald mine, scheduled for November 2023, will no longer take place. Gemfields has taken this decision as a result of the generally lower quality and quantity of emerald production at Kagem in recent months and which would result in a suboptimal auction offering to Gemfields’ emerald... Read More →
MRM Signs Second Processing Plant Contract
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Date07 Aug 2023
Gemfields announces that Montepuez Ruby Mining Limitada (“MRM”), in which the Company holds a 75% interest, has entered into a legally binding contract with Consulmet (Africa) Limited (“Consulmet”) to construct an additional processing plant at MRM’s ruby mine in Mozambique.
Ruby Auction Results
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Date21 Jun 2023
Gemfields is pleased to announce the results of a ruby auction comprised of mixed-quality rough rubies held during the period 5 – 20 June 2023. Highlights: June 2023 Mixed-Quality Ruby Auction Total auction revenues of USD 80.4 million 91 of the 94 lots offered for sale were sold (97%) Average realised price of USD 265.99 per carat The 19 auctions of Montepuez Ruby Mining Limitada’s (“MRM”) gemstones held since June 2014 have generated USD 978.5 million in total revenue One lot of 26.8kg (representing some 30% of the total weight offered) remained unsold. As a result, the average price per carat realised at this auction was considerably higher than it would have been had this lot also been sold.
Ruby Auction Results
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Date09 Dec 2022
Gemfields is pleased to announce the results of a ruby auction held in Bangkok from 21 November – 8 December 2022. The auction contained a selection of grades that are typically offered at Montepuez Ruby Mining Limitada’s (“MRM”) auctions of mixed quality rubies.