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Gemfields sets record auction of R5.6bn

According to Gemfields, which is focused on mining emeralds at the Kagem mine in Zambia and the Montepuez Ruby Mining in Mozambique, its gross debt balance was $29.7m.

According to Gemfields, which is focused on mining emeralds at the Kagem mine in Zambia and the Montepuez Ruby Mining in Mozambique, its gross debt balance was $29.7m.

Published Jul 28, 2022

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Supplier of coloured gemstones, Gemfields, yesterday informed its shareholders that it achieved a record auction of $330.3 million (R5.6 billion) for the 12 months ended June 30.

In its operating and market update, the group also reported $181.2m in total auction revenues for the reported period, with all three auctions held in the period breaking previous records, the company said.

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The group said it has a cash balance of $111.4m, which excludes auction receivables of a further $81.1m.

According to Gemfields, which is focused on mining emeralds at the Kagem mine in Zambia and the Montepuez Ruby Mining in Mozambique, its gross debt balance was $29.7m.

“The figures have been produced on a monthly basis for Gemfields’ 75 percent-owned Kagem emerald mine, its 75 percent- owned Montepuez ruby mine and wholly owned Fabergé, the iconic luxury brand,” the group said.

Fabergé had zero cash draw from Gemfields in the reported period, while for the year, Fabergé’s cash draw was $1.5m.

Gemfields posted a cash capital expenditure in the period under review of $14.1m.

Based in London and listed on the Johannesburg and London Stock Exchanges, Gemfields said it would publish its results for the six months ended June 30 on September 22.

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