Gemfields Mobilizes $30M to Expand African Mining Operations

UK-based mining company Gemfields has raised approximately $30 million through a share placement to strengthen its working capital. The placement, which received regulatory approval from the Johannesburg Stock Exchange and the UK’s Financial Conduct Authority in May 2025, will support the company’s expansion across key mining operations in Africa.

Gemfields is developing several ruby mines in Zambia and Mozambique and also holds controlling interests in multiple gemstone mining and exploration licenses in Ethiopia and Madagascar. The company is ramping up emerald production at the Kagem Mine in Zambia, aiming to increase the share of total revenue contribution for the Zambian government to 19% in 2025. The mine contributed 9% of its total revenue to the government in 2024.

In Mozambique, Gemfields is constructing a second ruby processing plant at its Montepuez Ruby Mining Limitada operation to enhance production following a 2024 decline in premium ruby output.