URA Holdings PLC (LSE:URAH) said early production from the first phase of reopening the Gravelotte emerald mine in South Africa met its early targets while grades were better than expected.
An emerald recovery rate of over 80% had been established, said the statement, with the current average emerald grade at more than 30 carats per tonne.
Processing currently is between a rate of 60 and 70 tonnes per day with further increases to come, the statement added, while one 50-carat emerald unearthed in July was among several larger stones recovered.
Ed Nealon, URA’s chairman, commented: "We are highly encouraged with the progress being made at the Gravelotte Emerald Mine.
“Our current emerald grade of over 6 g/t validate our expectations, and the improvements in our processing systems have set a solid foundation for increased output.
“We are on track for our first trial sales later H2 2024, and I am particularly proud that we have achieved this without any lost time injuries or reportable accidents.”