Gemfields Grou. Share News (GEM)

(Sharecast News) - Gemfields reported total auction revenue of $196m for 2024 on Friday, as it continued to invest in the expansion of its Montepuez Ruby Mine (MRM) in Mozambique.

The AIM-traded company said it held a net debt position of $80.5m at the end of the year, before accounting for $33.9m in auction receivables.

It said the construction of MRM's second processing plant remained largely on budget and on schedule for completion by the end of the first half of 2025, despite disruptions caused by civil unrest in Mozambique between October and mid-January.

Operations at MRM had continued as normal since the start of 2025, although the company noted increased illegal mining activity in the aftermath of the unrest.

At Kagem, Gemfields had paused mining activity from the start of the year as planned, instead focusing on processing its existing stockpiles through its upgraded wash plant.

The company said it had also halted emerald exports since 1 January due to Zambia's reinstated 15% export duty.

Kagem anticipated that the duty could be revoked, which would allow a commercial-quality emerald auction to proceed in the first quarter of the year.

Gemfields said it would publish its full-year results and annual report on 27 March.

At 0953 GMT, shares in Gemfields Group were up 6.54% at 5.7p.

Reporting by Josh White for Sharecast.com.