New Plant to Triple Gemfields' Ruby Production
July 02, 25
(IDEX Online) - Gemfields says it is close to completing a second processing plant at its Montepuez ruby mine, in Mozambique, that will treble its capacity.
Work on the $70m project has been delayed because of technical issues, difficulties obtaining work permits, civil unrest following elections last October, and repeated incursions onto the site by illegal miners.
UK-based Gemfields, the world's largest colored gemstone miner, said work was "95 per cent complete and materially on budget". The new facility is now due for completion in September, a month later than planned, and should increase the mine's processing capacity from 200 to 600 tonnes of ore per hour.
The company reported a $100.8m loss for 2024, and announced a $30m rights issue to help secure its future.
Meanwhile its Kagem emerald mine, in Zambia, has resumed partial operations after work was halted in April. Gemfields blamed the oversupply of emeralds by a Zambian competitor. It says it could be some months before it returns to full-scale operation.
Pic shows the old processing plant at Montepuez.