Pallinghurst swung to a net profit of $44.57m in 2016 from a loss of $149.13m in 2015, it reported on Wednesday. The R3.3bn market capitalisation mining group’s share remained untraded at R4.35 after releasing its results for the year to end-December. Chairman Brian Gilbertson said Pallinghurst’s 47.13%-owned associate Gemfields "made tangible strides towards becoming the ‘De Beers for coloured gemstones’. "The company is now the world’s largest emerald and ruby producer, supported by its unique and industry-leading auction platform," Gilbertson said. Gemfields had the potential of entering other emerald areas in Ethiopia and Colombia, which would further cement its position as the world’s leading gemstone producer. Its platinum mine Sedibelo produced 165,000oz during the year, a 6% drop from the previous year’s record 175,000oz. "Whilst other producers have been required to raise equity to survive, including some at large discounts to enforce participation, we have avoided doing so...
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