Gemfields disrupted market for emeralds in H2

 

Lower premium rubies production impacted by revenues!

Recently, Gemfields announces the publication of the Company's audited Annual Report and Accounts for the year ending 31 December 2024 (2024 Annual Report). According to the related report summary, total annual revenue of USD 213 million, down from USD 262 million, due to disrupted market for emeralds in H2 2024 and lower production of premium rubies at MRM impacting achievable auction revenues.

Construction of second processing plant in Mozambique is materially on track and on budget with completion expected by end of H1 2025. Mining at Kagem continues to be paused, with emeralds only produced by processing the pre-mined stockpile. Reasonable emerald production achieved but with a lower rate of premium emeralds to date.  

Operating costs down to USD 172 million (2023: USD 179 million). Significantly lower operating costs expected in 2025. EBITDA margin of 19.2% (2023: 31.7%) due to lower revenues at MRM and Kagem.

Significant impairment charges in year, primarily at Kagem (due to weaker emerald market and pause of mining), MML and Nairoto (both due to halt of operations). Adjusted headline loss per share of USD cents 1.8 for the year (2023: Adjusted headline earnings per share of USD cents 1.5). At the occasion Sean Gilbertson, CEO of Gemfields, commented, “2024 witnessed our 50th Zambian emerald auction, the 10-year anniversary of our first ever Mozambican ruby auction and a new chapter of capital projects in Gemfields’ growth trajectory as a world-leading responsible miner of coloured gemstones. Market conditions through 2024 were more challenging than we could have anticipated.”





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