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Gemfields PLC

Gemfields PLC boss hopes to lift Kagem ouput to 40mln carats

Gemfields PLC (LON:GEM) chief executive Ian Harebottle said he was "very pleased" at the firm's record operational year at its two mines  - the Kagem emerald mine in Zambia and  Montepuez, its ruby mine in Mozambique.
Revenues for the 12 months to June 30 rose 13% to US$193.1mln, while over the last five years, the group has generated a 380% increase in revenues.
The company boss said he saw a lot of potential for growing supply, demand  and pricing for the gem stone business.
The focus on both mines will be now to increase proiduction while reducing costs. At Kagem, the firm aims to lift production over the next three to four years to possibly just over 40mln carats from the current 30mln.
Montepuez, meanwhile,  is very exciting and has the potential to supply 70% of the ruby market, he added.

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