International News
Kagem to recommence focused open-pit mining
Gemfields is pleased to announce that Kagem Mining Limited (‘Kagem’), the emerald mine in Zambia which is 75% owned by Gemfields and 25% owned by the Government of the Republic of Zambia through the Industrial Development Corporation of Zambia (‘IDC’), will shortly recommence a programme of focused open-pit mining to recover more premium emeralds.
As announced on 23 December 2024, alongside other cost cutting measures, Kagem suspended all mining from 1 January 2025 to focus on processing ore from Kagem’s significant ore stockpile utilising the upgraded processing plant.
Emerald production from the processing plant in 2025 so far, in terms of carats recovered, has been in-line with the Company’s expectations, producing a lower proportion of higher-quality or premium emeralds than direct open-pit mining methods.
Kagem’s recent auction results, including the encouraging commercial-quality auction results released on 30 April 2025, has increased management confidence in the current emerald market and the decision has therefore been taken to recommence mining of two key production points in the Chama pit, with minimal waste mining, to recover premium emeralds for Kagem’s future higher-quality auctions. The decision to recommence full scale mining will continue to be assessed as market conditions develop.
International News
US Midterm Elections: Gold, Silver Prices Surge As Democrats Take Control Of Congress
Democratic Win In Congress Creates Financial Support For Gold Because It Puts Downward Pressure On The U.S. Dollar and Interest Rates
Gold and silver prices jumped on Wednesday as election results pointed to major victories for the Democratic Party in the U.S. midterm elections.
This continues a strong trend from 2025, a year in which gold prices rose by 66% and silver prices surged by 135%.
Gold: Rose 3.4% to reach $4,073 per ounce.
Silver: Rose 5.1% to reach $52.28 per ounce.
The main driver was the outcome of the U.S. midterm elections. As votes were counted, projections showed that Democrats won control of the House of Representatives and took over several state governor positions.
Here is how other major financial markets reacted to the news:
U.S. Stocks: Rose as political uncertainty decreased.
U.S. Dollar: Fell by about 0.3%.
Treasury Yields (Interest Rates): Moved lower.
Oil Prices: Went down.
Democratic win in Congress creates financial support for gold because it puts downward pressure on the U.S. dollar and interest rates.
A divided government often leads to political arguments over government budgets, creating economic uncertainty. At the same time, global issues like the war involving Iran and a weaker U.S. dollar are competing against the Federal Reserve’s effort to raise interest rates.
In short, less government spending usually means lower long-term interest rates and a weaker dollar, which makes precious metals like gold and silver more attractive to investors.
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