Kagem to restart open-pit emerald mining operation

Gemfields Group Limited [JSE:GML] announced today that Kagem Mining Limited, its emerald mine in Zambia, will recommence focused open-pit mining. The decision follows a suspension of all mining activities since January 1, 2025, to focus on processing ore stockpiles after cost-cutting measures and positive results from commercial-quality auction. While processing plant production has been in-line with expectations in terms of carats recovered, it has produced a lower proportion of premium emeralds than direct open-pit mining methods. Kagem is 75% owned by Gemfields and 25% by the Government of the Republic of Zambia through the Industrial Development Corporation of Zambia. The company will begin mining at two key production points in the Chama pit with minimal waste mining to recover premium emeralds for future higher-quality auctions. Assessments on when to recommence full scale mining will continue as market conditions develop.