Gemfields (LSE:GEM) said it expects to report a significantly wider net loss for the six months ended 30 June 2026, primarily reflecting a non-cash impairment relating to its Montepuez Ruby Mining operation.
The impairment follows lower-than-expected recoveries of premium rubies at Montepuez during the period.
At the same time, revenues from Montepuez and Kagem Mining increased compared with the corresponding period a year earlier, supported in part by deferred ruby auction sales.
Gemfields also said headline earnings per share for the period were positive. The company is due to provide further financial details when it publishes its interim results.
Gemfields Reports Improved Recent Ruby Recoveries
Management said remedial measures have been implemented at Montepuez, including changes relating to mine planning, grade performance and operational reliability.
According to the company, processing plant PP2 has achieved its design throughput, while recent ruby recoveries have improved. Gemfields said its focus for the remainder of 2026 will be on establishing whether these improvements can be sustained while maintaining financial discipline.
The company is scheduled to release its interim results and discuss them during a webcast on 30 September 2026.
About Gemfields Group
Gemfields Group Limited is a Guernsey-incorporated gemstone producer with shares traded on London’s AIM and the Johannesburg Stock Exchange.
The company owns 75% of Kagem Mining in Zambia, which produces emeralds, and 75% of Montepuez Ruby Mining in Mozambique. Gemfields also holds other gemstone licences in Africa.
The group uses its own gemstone grading system and auction platform for the sale of emeralds and rubies to downstream markets.
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