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.