Gem Resources PLC's (LSE:GEMR) Gravelotte mine is now positioned to become “one of the world's major emerald producers once again”, chair Edward Nealon said in Wednesday’s results statement for 2024.
Following the start of hard rock mining in January 2025, the company also announced its first sales from the mine, with a trial package of 8,130 carats of emeralds and other materials generating $57,000 in gross revenue.
“This past financial year has been pivotal in the company's history,” Nealon said.
“Our restoration of the long-abandoned Gravelotte Emerald Mine to operational status was completed remarkably quickly and on a tightly controlled budget.
“Gravelotte is now positioned to become one of the world's major emerald producers once again.
“Over the last few years, we have fully restored the mine's infrastructure, built an efficient new production line, and engaged leading gem industry experts to evaluate Gravelotte's prospective size and potential.”
Prior to the restart, for the year ended 31 December, Gem Resources reported a group loss of £1.96 million compared to £1.13 million the prior year.