Archive

  • 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.