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Highly efficient CW operation has been observed from the holmium transition centred at 2.024 mu m in a Tm:Ho codoped single-mode fluoride fibre laser. When pumping holmium directly at 890 nm a minimum threshold of 8.2 mW launched pump power was observed for oscillation at 2.076 mu m. A maximum slope efficiency of 30% was achieved for operation at 2.054 mu m, which corresponds to a photon conversion efficiency of 69%.<<ETX>>