Gemfields: Update Shows Zambian Emerald Mine To Produce More

Finance and Trade
24/09/2015 08:37

Emeralds and rubies miner Gemstone miner Gemfields said an independent report by consultancy firm SRK shows that its 75% owned Kagem mine in Zambia is now set to produce 1.10 billion carats over a 25-year mine life, considerably more than initially forecast. The total indicated and inferred mineral resources of emeralds and beryl at the mine is now estimated at 1.8 billion carats. Kagem is forecast to produce 44.7 million carats per year on average over its mine life.

SRK wrote that Gemfields needs to spend $84 million over the first four years of the project, and a total of $516 million over Kagem mine’s life to create an operation to initially process around 90,000 tonnes of ore per year, rising to 180,000 tonnes per year by 2018 as it will add the Fibolele pit to the project.