Gemfields Group Limited (GEM): MRM second processing plant
This situation live
GEM Gemfields Group Limited
30 Jan 2026 · Final commissioning, materially on budget · −17% until the next step
The second processing plant ("PP2") at MRM is now in its final commissioning stage, with the project being delivered materially on budget.
24 Mar 2026 · Producing rubies since Sept 2025; commissioning delayed · −1% until the next step
While it has been producing rubies since September 2025, the delay in the final commissioning of PP2 is expected to continue well into the first half of 2026.
26 Mar 2026 · Commissioning still delayed; H1 2026 challenging · −11% until the next step
completing the final commissioning of the much-delayed second processing plant at MRM so its benefits emerge progressively through the year
22 May 2026 · Ruby production below expectations; June auction cut · −15% until the next step
Gemfields intends to provide a further update on the ruby auction schedule and broader outlook, both in respect of the production profile at MRM and the wider market backdrop, following the completion
30 Jun 2026 · Final commissioning slipped to Q3 2026 · −24% until the next step
PP2 has been operating since September 2025, although final commissioning under the fixed-price construction contract is presently expected during the third quarter of 2026.
30 Jul 2026 · Contributing to volumes; sign-off still pending · +18% until the next step
MRM's second processing plant made a meaningful contribution to production volumes in H1 and is expected to be signed off as fully commissioned later this year.
25 Sep 2026 · Throughput proven; commissioning and optimisation ongoing · +0% until the next step
PP2 has now demonstrated its ability to achieve, and on occasion exceed, design throughput levels, although final commissioning and optimisation activities are still underway.
30 Sep 2026 · Largely operational; sustainability of recoveries unproven · +0% since
During the period, the second processing plant ("PP2") at MRM became largely operational and recent ruby recoveries have shown signs of improvement.
MRM second processing plant
Largely operational; sustainability of recoveries unproven
Next: Show recoveries sustained; Mixed-Quality ruby auction
Every step · 8
- 30 Jan 2026 Final commissioning, materially on budget – The second processing plant ("PP2") at MRM is now in its final commissioning stage, with the project being delivered materially on budget. ↗
- 24 Mar 2026 Producing rubies since Sept 2025; commissioning delayed – While it has been producing rubies since September 2025, the delay in the final commissioning of PP2 is expected to continue well into the first half of 2026. ↗
- 26 Mar 2026 Commissioning still delayed; H1 2026 challenging – completing the final commissioning of the much-delayed second processing plant at MRM so its benefits emerge progressively through the year ↗
- 22 May 2026 Ruby production below expectations; June auction cut – Gemfields intends to provide a further update on the ruby auction schedule and broader outlook, both in respect of the production profile at MRM and the... ↗
- 30 Jun 2026 Final commissioning slipped to Q3 2026 – PP2 has been operating since September 2025, although final commissioning under the fixed-price construction contract is presently expected during the third... ↗
- 30 Jul 2026 Contributing to volumes; sign-off still pending – MRM's second processing plant made a meaningful contribution to production volumes in H1 and is expected to be signed off as fully commissioned later this year. ↗
- 25 Sep 2026 Throughput proven; commissioning and optimisation ongoing – PP2 has now demonstrated its ability to achieve, and on occasion exceed, design throughput levels, although final commissioning and optimisation activities... ↗
- 30 Sep 2026 Largely operational; sustainability of recoveries unproven – During the period, the second processing plant ("PP2") at MRM became largely operational and recent ruby recoveries have shown signs of improvement. ↗
What is happening
Gemfields Group Limited: MRM second processing plant – Largely operational; sustainability of recoveries unproven. ['Largely operational; sustainability of recoveries unproven']
- In short
- PP2 at MRM was nearly commissioned in January 2026 but slipped after scrubber defects and wear. On 25 Sep 2026 the company said it had reached design throughput at times, alongside a USD 125.2m MRM impairment. The full interim report on 30 Sep 2026 calls PP2 'largely operational' and says it is too early to call the recovery improvement sustainable.
- Announced
- 30 Jan 2026 · Final commissioning, materially on budget
- Latest
- 30 Sep 2026 · Largely operational; sustainability of recoveries unproven
- Next auction
- Mixed-Quality ruby auction scheduled October 2026
- Next update
- Interim results due Friday 25 September 2026
- H1 auction revenue
- USD 102.9 million vs USD 60 million in 2025 H1
- Net debt
- USD 44.2 million at 30 June 2026, before USD 33.3 million auction receivables now collected
- PP2 status
- Largely operational; recent ruby recoveries show signs of improvement (30 Sep 2026)
- MRM impairment
- USD 125.2 million non-cash, recognised in H1 2026
- Recoveries
- Recent ruby recoveries show early signs of improvement; premium grade 0.025 carats per tonne in H1
- Management view
- Too early to say if grade and recovery gains are sustainable; significant work remains
What comes next
Show recoveries sustained; Mixed-Quality ruby auction.
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