Paladin shares sink as it cuts uranium output
The uranium miner revised down its production forecast for the Langer Heinrich mine in Namibia.
Africa-focused Gemfields (LON: GEM) (JSE: GML) racked up $30.8 million in revenue from its latest emerald action, which included a massive cluster of emeralds weighing 187,775 carats (37,555 grams).
The Kafubu Cluster, discovered at its Kagem mine in Zambia in March 2020, set a new record as the most expensive single emerald item ever sold by Gemfields, the miner said without providing specifics.
“Our end-of-year emerald auction has delivered a pleasing and solid result despite a clear softening of both prices and sentiment when compared with the remarkable highs we enjoyed in May 2022,” Adrian Banks, managing director of product and sales, said. “This has been a record-shattering year for Kagem with an amazing $149 million in auction sales.”
The coloured gems producer said proceeds will be reinvested in Zambia, including royalties due to the country’s government, which has a 25% stake in Kagem.
Zambian emeralds tend to have a higher iron content than emeralds from other origins, which means they are less fragile. High iron content also means fewer surface-reaching fractures and less need for treatments and enhancements.
Comments
Crucial Dubsman
This is great news for gemstone mining and I hope the employees are considered for bonuses after such a rare find. Its God given.Not forgetting the local Chief in whose chiefdom the mine is located who must be considered along with his subjects.