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Gemfields fetches USD 29 million in Singapore rubies auction-The 17th China(Guangzhou)Int’l Metal &Metallurgy Exhib
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12/25/2015 Metal &Metallurgy expo |
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Mining.com reported that Rubies from Montepuez, located at a geologically critical junction between the north-south trending Mozambique Belt and the east-west trending Zambezi Belt.
Shares in Gemfields (LON:GEM) climbed Monday as the precious stones miner said it generated sales worth almost USD 29 million from its latest ruby auction held in Singapore, with prices meeting expectations.
The company’s stock was up 3.4% to 40.84 pence in mid-afternoon trading in London. However, Gemfields value has dropped about 12% so far this year as the diamond and other precious stones industry has not remained immune to a relentless rout in commodity prices.
Gemfields managed to sell 90,642 carats of the 92,136 carats it made available under the auction, which consisted of a mix of higher and medium quality stones from its relatively newly acquired Montepuez deposit in Mozambique.
-metal&metallurgy-The
17th China(Guangzhou)Int’l Metal &Metallurgy Exhibition
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