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Gemfields Closes Loan Deal to Hike Ruby Output

Jul 5, 2016 10:53 AM   By Rapaport News
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RAPAPORT... Gemfields has secured $65 million of debt financing which will be used to ramp up ruby production and for general expenses.

The facilities provide Gemfields the necessary funding to carry out expansion plans at the Montepuez mine in Mozambique, said Janet Boyce, Gemfields’ chief financial officer. Three Mozambique-based banks allocated loans of $15 million each for the ruby operation as Gemfields targets 20 million carats a year at Montepuez. It recovered 8.4 million carats in the fiscal year that ended June 30, 2015.

An additional $20 million loan from Macquarie Bank will be used for general corporate expenses, Gemfields explained. Gemfields has a separate $30 million credit facility for the Kagem mine in Zambia where it plans to raise production to over 40 million carats, from 30.1 million in fiscal 2015.
Tags: emerald, finance, Gemfields, Kagem, Montepuez, Mozambique, Rapaport News, ruby, zambia
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