Gemfields (LON:GEM) - FY12 auctions generate $77.9m
Jun 27th 2012 - Edison Investment Research today published a report on Gemfields (GEM.L, LSE:GEM, LON:GEM) entitled "FY12 Auctions Generate $77.9m". In summary, the report says:
Gemfields reports that the four auctions in the financial year to June 2012 have realised US$77.9m. The final auction of predominantly lower-grade material showed a lack of interest in the lowest-quality emerald and beryl roughs. We slightly reduce our financial estimates for the current year, but assume Gemfields will sustain operational, marketing and inventory management success and maintain our longer-term forecasts and our NPV10% valuation of 43p/share.
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