(Alliance News) - Shares in URA Holdings PLC rose after it announced the start of phased production at the Gravelotte Emerald Mine.
The Africa-focused mineral exploration company said after successful commissioning of processing and sorting plants, phased production had commenced as scheduled before the end of April and within budget.
Shares in URA rose 13% to 2.20 pence in London on Monday.
Over the coming months, production will be increased, and systems, processes, and equipment will be optimised, URA said.
With production now underway, preparations are being made for a first trial sales of emeralds from GEM early in the second half of 2024, the company added.
Chair Ed Nealon called it a "transformative step" for URA.
"This milestone not only underscores our commitment to reviving one of the world's most historically significant emerald mines but also highlights our capability in implementing advanced mining technologies and sustainable practices."
URA said now production has started its focus would shift to generating its first sales and revenue.
"We are pleased to confirm that our financial preparations have been robust, ensuring that we are fully funded into this initial production phase," URA commented.
By Jeremy Cutler, Alliance News reporter
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Ura Holdings (URAH)