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(Sharecast News) - Gemfields Group reported auction revenues of $128.5m for the year ended 31 December on Friday, and said it had completed the funding of a major expansion project at its Montepuez ruby operation in Mozambique.
The AIM-traded company said its net debt position stood at $39.2m at the end of the year, before auction receivables of $20.5m, reflecting the finalisation of funding for the second processing plant at its 75%-owned Montepuez Ruby Mining operation.
It said the new plant was now in the final stages of commissioning and had been delivered materially on budget, with commissioning expected to be completed imminently.
Gemfields said it expected to introduce the first rubies produced by the new facility to the market at its mixed-quality ruby auction in February.
At the 75%-owned Kagem emerald mine in Zambia, the group said premium emerald recoveries since the resumption of focused mining in May last year had met expectations.
The year's output included Imboo, an 11,685-carat emerald described as displaying an intense verdant colour.
Kagem continued to operate an additional night shift at its upgraded processing plant throughout 2025, enabling the treatment of historic stockpiles and supporting a positive production outcome.
Gemfields said further commentary on its operational performance and financial results would be provided alongside its full-year results and annual report, which were scheduled for publication on 26 March.
Reporting by Josh White for Sharecast.com.
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