Gem ... 22 Aug 2012 08:07
Gemfields plc (AIM: GEM) presents an operational update for the three month period and year ending 30 June 2012. All figures are approximate, unaudited and, unless otherwise stated, the phrase "carats" includes both emerald and beryl.
Highlights
Production summary for the Kagem emerald mine:
The final quarter of the year saw strong production growth to 7.3 million carats (versus 4.9 million carats in the prior quarter);
Grade for the quarter was 181 carats per tonne (versus 236 carats per tonne in the prior quarter), with unit production costs of USD 0.57 per carat (versus
USD 0.85 per carat in the prior quarter)
Cash rock handling unit cost were USD 3.5 per tonne (versus USD 3.7 per tonne in the prior quarter)
Unit ore production costs reduced by 48% from USD 200 per tonne in the prior quarter to USD 104 per tonne
Kagem's large-scale on-going waste movement programme is progressing well to open up new areas for future ore production
Revenue of USD 9.0 million from successful Jaipur auction of 3.47 million carats in June 2012
At 30 June 2012, Gemfields had USD 36.7 million in cash and debt outstanding of USD 2.9 million
The Montepuez ruby mine in Mozambique is on track to commence bulk sampling in the coming quarter
Demand for ethical emeralds continues to remain firm across all major markets with Gemfields' next higher quality rough emerald auction scheduled to take place in Singapore between the 29 October and 3 November 2012