London-listed Gemfields (LON:GEM) raised $34.9 million at its latest higher quality emerald auction. 598,000 carats were up for sale of which 88.6% were purchased by auction conclusion yesterday. The company has 75 percent ownership in Kagem mine with the rest owned by the Zambian government through ZCCM Investment Holdings.
The central bank received bids worth K1.2 billion and allocated K1.036 billion at Treasury bill (T/bill) auction 20 of 2014 today. K900 million of T/bills were up for auction:
Gemfields, which has 75 percent ownership in Kagem Mine (25 percent owned by the government through ZCCM-IH), generated $15.5m off of sales of 11.6 million carats last week. This was company’s fifth auction in Zambia. There were 922kg of lower-grade emeralds and 1,500kg of beryl up for sale with 21 companies attending.
Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience. * * *