Gemfields continues funding MRM processing plant, pauses Kagem mining
JSE- and LSE-listed Gemfields has reported total auction revenues of $196-million for the year ended December 31, and a net debt position of $80.5-million – before auction receivables of $33.9-million – as the company continues to fund the Montepuez ruby mine’s (MRM's) second processing plant.
The company notes that construction of MRM's second processing plant remains materially on budget and on track for completion by the end of the first half of this year, despite disruptions in Mozambique from October 2024 to mid-January this year as a result of civil unrest following the contested Presidential election.
MRM, which is located in Mozambique, has been operating as usual since the start of this year, despite heightened illegal miner intrusions in the wake of the civil unrest.
Meanwhile, the Kagem emerald mine, in Zambia, has paused mining from the start of this year as previously announced, using its upgraded wash plant to process its significant stockpiles.
Gemfields says emerald exports have been halted since January 1, while Zambia's reintroduced 15% export duty remains in place.
Kagem anticipates that the duty may be revoked and allow a commercial-quality emerald auction to go ahead in the first quarter of this year.
Gemfields notes that commentary on the operational performance and financial results will be available in its full-year results and annual report which are expected to be published on March 27.
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