📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

URA Holdings plans first auction as emerald production ramps up

Published 09/09/2024, 08:10
Updated 09/09/2024, 08:40
© Reuters.  URA Holdings plans first auction as emerald production ramps up
URAH
-

Proactive Investors - URA Holdings PLC (LON:URAH) said the first test auction sale is planned for late September to be carried out by world-leading gemstone specialist Bonas Group

In tandem with the agreement with Bonas, URA added it had also signed a deal with DelGatto Diamond Finance Fund, a global finance company, to give some flexibility in future financing.

Production at its recently acquired Gravelotte emerald mine has ramped up with processing now at approximately 60-70 tonnes per day and a recovery level of over 80%.

Average grades so far have been around 6 grams (30 carats) per tonne and though historically Gravelotte has produced small quality stones, larger emeralds have been unearthed including one of 50 carats in July.

“We own one of the world's most historically significant emerald mines [Gravelotte] and have the opportunity to restore it to its former glory,” said the statement.

“By employing advanced mining techniques and sustainable practices, we aim to lay a strong foundation for future profitability and build up production so that Gravelotte's Cobra brand recovers its once-renowned reputation.”

In July, URA also acquired a 65% stake in the owner of the Curlew emerald mine in Western Australia, which it said would add “significantly to our quality and prospects”.

Losses in the six months to end June 2024 were £561,000.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.