Gemfields takes $125 million ruby-mine impairment despite positive EBITDA
Gemfields ($GEM) reported first-half revenue of $106 million and EBITDA of $40.7 million, but a $125.2 million non-cash impairment at Montepuez Ruby Mining drove a statutory loss of 4.3 US cents per share. Management identified weak recoveries of premium rubies as the group’s principal operational and financial challenge. Adjusted headline earnings were positive at 0.6 US cents per share. The period also benefited from a mixed-quality ruby auction postponed from the previous year, limiting simpl
0