Gemfields reported a $60.4 million net loss for 2018, compared with a $45.1 million profit in 2017, despite achieving record revenues for the year of US$206 million. The company attributed the loss to the impact of a new tax regime in Zambia and and a costly court case that ended in a settlement. Gemfields' share price endured a disappointing 12 months, falling 40% by year-end.
Gemfields has announced the discovery of ‘Inkalamu’ – the ‘Lion Emerald’ – a 5,655 carat Zambian emerald crystal with remarkable clarity and a perfectly balanced golden green hue. Inkalamu was discovered at Kagem, the world’s largest emerald mine, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia (which belongs in turn to the Government of the Republic of Zambia).
Mining and commodities giant Glencore, which recently became the face of struggling commodity companies hit by a major sell-off in raw materials, unveiled a $10 billion package of debt-reduction measures. This includes plans to suspend production at its copper mines in the Democratic Republic of Congo and Zambia in a move that it says will take 400,000 tonnes out of the market and potentially provide a boost to metals prices.