Kagem: Zambia's bright emerald mining future

By mahlokoane percy ngwato

Stay Connected! Follow @AfricaBizReview and @MrNLon. Like our Facebook Page. 

The world’s single largest producing emerald mine - Kagem in Zambia’s Lufwanyama District –is set to continue benefitting Zambia for the next 25 years, according to an independent technical study.

The estimated reserves at the mine reinforce the company’s potential long-term commitment to Zambia in the form of taxes and royalties, dividends, skills development, secure employment, and community support.

According to the report by UK-based mine analysts SRK Consulting, Kagem has a projected lifespan of 25 years with a combined measured, indicated and inferred mineral resource of 1.8 billion carats of emeralds and beryl expected over that period of time - an average of 44.7 million carats annually. With a carat being equal to 0.2 grams, the mine could yield up to 360 million grams or 360 tonnes of gemstones over the updated estimate of its projected future mine life.

RELATED: Security and operational improvements at Kagem emerald mine

Ian Harebottle, Gemfields Chief Executive Officer said: “The Kagem team is dedicated to develop the full potential of the mine over the long-term, and with the necessary resources and the support of a continued stable legislative environment, we look forward to retaining our position as a global champion and Zambian flagship company within the coloured gemstone sector,”.

RELATED: 3.5 million injury free shifts for Kagem Mining

“This will result in increased levels of employment, job security, skills development and additional benefits for the entire country such as increased foreign exchange generation, payment of taxes, creation of local wealth including contracts provided to local companies, and added support for community projects.”

According to the report Kagem needs to invest up to an additional $84 million in the mine over the next four or five years and a total of $516 million over the entire life of the mine, providing for an increase in capacity from 90,000 tonnes per year to 180,000 tonnes per year, projected for 2018.

Read the October Issue of African Business Review. 

Share

Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy