https://www.engineeringnews.co.za

Gemfields’ latest ruby auction raises $44.3m in revenue

20th June 2016

By: Anine Kilian

Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Aim-listed Gemfields’ latest auction of ruby extracted from its 75%-owned Montepuez ruby mine, in Mozambique, earned revenues of $44.3-million.
The auction, held in Singapore this month, recorded average realised prices of $29.21/ct.
Forty-four companies placed bids at the auction, which offered high and commercial grade rough rubies in both untreated and treated form. 

"We are pleased with the results of Gemfields' sixth Montepuez ruby auction. The prices achieved and the high percentage of goods sold fully support our analysis of the market conditions, the quality of Mozambique's rubies and the increasing levels of demand across various markets and categories,” said CEO Ian Harebottle

The auction results, which saw 71 of the 75 lots on offer sold, provided a high level of support for the company's analysis and understanding of the current market conditions and demand profile.  
The proceeds of the auction would be repatriated to Montepuez Ruby Mining in Mozambique, with the royalties due to the government of Mozambique being paid on the full sales price achieved at the auction.

To watch Creamer Media's latest video reports, click here
 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.07 0.129s - 156pq - 2rq
Subscribe Now