IN BRIEF: Gemfields says Mozambique plant on budget despite unrest
Gemfields Group Ltd - London-headquartered gemstones miner and marketer - Says the construction of Montepuez Ruby Mining Ltda’s second processing plant remains ‘materially’ on budget and on track for completion by the end of the first half of 2025, despite disruptions caused by civil unrest in Mozambique from October 2024 to mid-January 2025. Gemfields owns 75% interest in Mozambique-based Montepuez. Notes that Montepuez has been operating ‘as usual’ since the start of 2025.
Gemfields also says Kagem Mining Ltd, the emerald mine in Zambia in which it owns a 75% interest, has paused mining from the start of 2025 and is utilising its plant to process its ‘significant’ stockpiles. Emerald exports are paused since January 1, 2025 while the 15% export duty reintroduced by the Zambian government remains in place. Kagem anticipates that the duty may be revoked and allow an emerald auction to go ahead in the first quarter of 2025.
Gemfields expects to release its annual financial results on March 27.
Current stock price in London: 5.70 pence, up 6.5% on Friday morning
12-month change: down 54%
Current stock price in Johannesburg: R 1.20, flat early on Friday afternoon
12-month change: down 59%
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