Richland Resources (LON:RLD) expects sales of sapphires from its Capricorn mine in Queensland to begin soon after mining resumed last month.
Bernard Olivier, chief executive, said: “First sapphire production is anticipated shortly at the Capricorn Sapphire mine and the opportunity for Richland is to become a cornerstone supplier of gemstones to a jewellery sector increasingly focused on being able to authenticate source of stones."
The miner recently exited from its tanzanite operations in Tanzania and its annual results bear the cost of that withdrawal.
Net losses in 2014 were US$15.3mln (US$4.5mln) on revenues of US$7.4mln (US$11.5mln).
The ongoing operations made a loss of US$1.4mln compared to US$1.7mln.
Cash at the year end was US$962,000, since when it has received US$4.59mln of the US$5.1mln due from the Tanzanian disposal.
Richland added it has lodged an appeal against a tax assessment of the capital gain on the sale by the Tanzanian tax office.