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Zambia’s main emerald miner earns US$11.5 million in auction

Zambia’s main emerald miner raked in 11.5 million U.S. dollars from an auction of mainly commercial quality emerald, the company said on Thursday.

Kagem Mining, which is situation in Zambia’s Lufwanyama town on the Copperbelt Province, earned the money during the auction held between February 18 to 21 in Lusaka, the country’s capital.

In a statement, the company said of the 25 lots offered, 19 were sold which also saw 29 companies participating.

The emerald miner has generated 647 million dollars in total revenues out of 35 auctions it has conducted since July 2009.

The company is 75 percent owned by Gemfields of the United Kingdom, with the Zambian government owning the other 25 percent. Enditem

source: Ghana News

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