Mining company Gemfields raised 3.8 billion meticais (60 million dollars) in auction revenue in the first half of 2025, ending June 30, and announced that the second processing unit at the Montepuez Ruby Mine in Mozambique is expected to begin production in August, with full completion projected for September, according to news portal Engineering News on Thursday, July 31.
According to a statement from the company, listed on London’s AIM stock exchange, the new infrastructure is in the final stages of construction and remains within budget.
Gemfields also stated that, as of the end of June, it had a net debt position of 3.77 billion meticais (59.6 million dollars), prior to accounting for receivables of about 1 billion meticais (16.1 million dollars) from auctions yet to be settled. These amounts include proceeds from a rights issue concluded on June 13, which raised 1.89 billion meticais (30 million dollars) through the issuance of 556.2 million new shares.
The Montepuez Ruby Mine, a subsidiary of Gemfields, is one of the world’s largest active ruby sources and represents a strategic asset in the company’s portfolio.
Regionally, Gemfields also reported that it resumed operations in May at the Kagem emerald mine in Zambia, where it holds a 75% stake. Two extraction points have been reactivated, and since July, production has been gradually ramping up, while processing of stockpiled ore continues at a recently upgraded washing plant.
The company announced that its detailed operational and financial results will be published on September 26, the scheduled date for the release of its interim results. Finally, it noted progress in the strategic review of Fabergé, the luxury brand wholly owned by Gemfields.
Source: Diário Económico
