Production at Gemfields drops 36% in fiscal 2011-12

Mining major Gemfields plc noted its production of emerald and beryl drop by 36 percent to 21.1 million carats, at the close of the fiscal year ending June 30, 2012. The company noted that the production volume was a little lower than anticipated, but production has improved over the quarters, and the company is optimistic to achieve improved production in the near term.

At the close of the said 12 months, Gemfields' cash on hand stood at $36.7 million and outstanding debt was worth $2.9 million. Its operating costs increased 12 percent to $15.7 million.

The company is confident that there is demand for ethically mined emeralds in the key markets of the world and also that the year ahead will contribute to its growth plans.