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The Gemfields Group Ltd expects a challenging first half of 2025 but is banking on new capacity in Mozambique to drive a turnaround later in the year. However, it projects a net loss of USD24.6 million for the six months to June 30, compared with a USD13.7 million profit a year earlier. Revenue from its Montepuez ruby mine in Mozambique and Kagem emerald mine in Zambia halved to USD60.0 million after auction disruptions.
Despite the setback, Gemfields says commissioning of a second processing plant at Montepuez is on track and should boost fourth-quarter results. The USD30.0 million raised through a June rights issue is also expected to support expansion and strengthen its balance sheet.
Markets appeared encouraged by the forward-looking signals, with shares gaining 2.4% in London to 6.02 pence on Tuesday, and 3.5% higher in Johannesburg at ZAR1.50. Interim results will be released on Friday.
