Gemfields has achieved total auction revenues of
USD 128.5 million for the year ended 31 December 2025, driven by steady production from itsKagem emerald mine in Zambia and ongoing developments at the Montepuez ruby mine in Mozambique. These two flagship operations remain central to Gemfields’ growth and revenue generation strategy.
In an operational update released on 30 January, the company highlighted that premium emerald recoveries at Kagem have met expectations since focused mining resumed in May 2025. Among the standout achievements was the recovery of Imboo, an exceptional 11,685-carat emerald distinguished by its vivid green hue. Such notable finds not only boost Gemfields’ production profile but also reinforce its reputation in the global gemstone market.
The Kagem mine continued to run an additional night shift at its upgraded processing plant throughout the year, enabling the processing of historical stockpiles and leading to improved production results.
Gemfields also reported a net debt position of USD 39.2 million at year-end. In simple terms, “net debt” is the company’s total borrowings minus its cash and cash equivalents, indicating its overall financial leverage. However, this figure is reduced to USD 18.7 million after including expected auction receivables of USD 20.5 million—funds from recent auctions that are anticipated but had not yet been received as of the reporting date. This adjustment provides a clearer picture of Gemfields’ financial health as it moves into the new year. The year-end net debt also reflects the completion of funding for the company’s second processing plant at the 75%-owned Montepuez Ruby Mining operation in Mozambique.
This second processing plant, known as PP2, is now in the final stages of commissioning and has been delivered substantially on budget. The PP2 processing plant is expected to significantly boost Montepuez’s ruby output, supporting Gemfields’ growth strategy in Mozambique by increasing production capacity and improving operational efficiency. The company anticipates that the first rubies produced by PP2 will be available at the February 2026 mixed-quality ruby auction, marking an important milestone for Gemfields’ expansion plans.
The operational update includes unaudited monthly figures for both Kagem and Montepuez, each 75% owned by Gemfields. Further insights into operational and financial performance will be shared in the company’s full-year results and annual report, to be published on 26 March 2026. Gemfields’ ongoing commitment to transparency and milestone reporting ensures stakeholders are kept informed of key achievements, production improvements, and upcoming targets.
Gemfields noted that all figures disclosed in the update are unaudited, with directors assuming full responsibility for the provided information.
