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Kariba Minerals Limited 2017-02-28T07:21:38+00:00

Kariba Minerals is 50% owned by Gemfields plc – the world’s largest producer of coloured gemstones – in partnership with ZCCM-IH, which owns the remaining 50% of the company.

Location

The Kariba amethyst mine is located in the southern part of Kalomo district in Zambia and covers an area of 396 hectares. Operating for over 60 years, Kariba Minerals has produced some of the world’s finest quality amethyst and is one of the oldest mines for semi-precious gemstones worldwide. Its unparalled deep purple hue, combined with exceptional lustre, sets the standard for amethyst excellence internationally.

Mine & Market

Extract from 2015 annual report

For its financial year ended 31st March 2015, Kariba Minerals Limited (Kariba) reported total revenues of K11.1 million (2014: K3.6 million) with a profit after tax of K0.06 million (2014: K10.0 million loss).

The period under review continued to be a challenge for Kariba. The company continued to meet its financial obligations from shareholders’ support, related parties, the company’s bankers and third party suppliers, and loans. Kariba acquired new mining equipment to improve production and turn the company around. Furthermore, In February 2015 Kariba held an auction of high grade amethyst alongside Gemfields Plc which grossed revenue of US$0.446 million. Kariba is projected to be profitable by 2018 contingent on the company getting additional support in the short term to meet its financial obligations.

There were no dividends declared during the financial year ended 31st March 2015 (2014: Nil).

Extract from 2014 annual report

For the financial year ended 31 March 2014, Kariba Minerals Limited (Kariba) reported a total revenue of K3.6 million (2013: K2.6 million) with a loss after tax of K10 million (2013: K6.7 million).

The period under review has been challenging for Kariba. The company procured and installed a new wash plant and other mining equipment in September 2013, funded by a US$2.5million loan financed 50% by ZCCM-IH and 50% by Gemfields. The case for the loan extension and recapitalization was to mechanize and modernize the mine, and improve productivity whilst ramping up production. However, operational performance has remained weak, due to low ore grades. ZCCM-IH and its co-shareholder in Kariba, Gemfields Plc, are currently considering strategic options to improve the operations at the mine.

There were no dividends declared during the year (2013:Nil).

Copper

Extracting value from tier one assets by improving efficiencies and operations.