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
Precious Metals See Profit-Taking On Firmer Dollar, Cooling Crude Prices
Geopolitical Optimism Triggers Risk Premium De-escalation
Precious metals are witnessing a bout of profit-taking this Thursday, with Comex gold slipping 1% to $4,507 and silver tracking lower by 1.58% to $71.49. The intraday cooling comes as investors weigh a firmer dollar against a backdrop of shifting geopolitical narratives and cooling crude prices.
The primary driver for the morning’s retreat appears to be a cautious de-escalation in risk premiums. Reports that Tehran is reviewing a U.S. proposal to end the ongoing conflict have injected a dose of optimism into the markets, softening the immediate “flight to safety” that has bolstered bullion recently. Gold briefly touched levels near $4,498 earlier in the session before finding minor support.
Analysts attribute silver’s underlying strength to a combination of industrial demand and its role as a macroeconomic hedge. Market experts suggest that the current volatility is likely intermittent. The overarching trend remains anchored by a weakening dollar and expectations that central banks may ease off aggressive interest rate hikes.
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