London-listed Gemfields expects, according to Mining Weekly, to swing to a net profit of $65-million for the year ended December 31, 2021, compared with a net loss of $93-million in the prior year.
With the company’s two key operating assets, the Montepuez ruby mine in mozambican Cabo Delgado province, and the Kagem emerald mine, in Zambia, respectively, having delivered record-breaking auction results during 2021, Gemfields expects to post earnings a share of $0.04 for the year.
This compares with a loss a share of $0.07 for 2020.
Gemfields’ auction schedule in 2020 was severely hampered by the many restrictions put in place to mitigate against Covid-19 contagion, which led to the company finding new ways to host gemstone auctions.
Gemfields hosted smaller, multi-city and online-based auctions for high-quality emeralds and rubies throughout 2021.
Gemfields will release its full-year results on March 25.