URA Holdings, a gemstone miner listed on the London Stock Exchange, has announced plans to conduct its inaugural emerald sale from gemstones recovered at the Gravelotte mine in South Africa later this year.
In a recent shareholder update, the company highlighted that it has met its early production targets at the mine, which commenced phased production on April 29. URA Holdings reported achieving an emerald recovery rate exceeding 80%, with an average grade of 30 carats per tonne (ct/t). The processing rate currently ranges between 60 to 70 tonnes per day, with expectations of further increases in the coming months.
The update also noted the recovery of several notable emeralds, including a 50 carat specimen in July. URA Holdings expressed optimism about the progress at the Gravelotte mine, citing the current emerald grade of over 6 grams per tonne as validation of their expectations. Improvements in processing systems were highlighted as pivotal in establishing a robust foundation for enhanced production output.
“We are highly encouraged by the developments at the Gravelotte mine,” commented URA Holdings chairperson Ed Nealon. “Our achievements, including the recovery of significant emeralds and the establishment of optimal recovery rates, mark important milestones. We are on track for our first trial sales later this year, and I am particularly proud that these milestones have been reached without any lost-time injuries or reportable accidents. This success underscores the dedication and hard work of our team, and we remain optimistic about the future potential of Gravelotte.”
URA Holdings anticipates conducting its trial sales in the second half of this year, positioning itself for further growth in the gemstone sector.
