Gemfields (JSE:GML) revenue plunged due to COVID-19 in 2020.
The company operates both the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique.
Revenue was down 84% to $34.6 million in 2020.
The company had a net lost for the year of $93.2 million.
Sean Gilbertson, CEO of Gemfields, called the year unprecedented.
“Gemfields faced unprecedented challenges in 2020 as a result of Covid-19 and our full year results
reflect the magnitude of the impact. The spread of the virus meant that we have been unable to
hold auctions in our traditional format since February 2020. This in turn resulted in the Group
implementing assorted cash saving measures, including suspending operations at the emerald and
ruby mines operated by Kagem Mining Limited and Montepuez Ruby Mining Limitada
(“MRM”) respectively. We believe the difficult decisions taken during 2020 best position
Gemfields for an optimal recovery in 2021,” said Gilbertson.
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