The precious gemstones miner has agreed, on a no-admission-of-liability basis, to settle claims brought against it by a group of 273 Mozambicans related to its ruby mine in northern Mozambique.
Gemfields Mining News
There were no findings of wrongdoing or late payment, the Zambia Revenue Authority (ZRA) said.
Back in June, the site was overrun by a mob estimated at between 300 and 500 people
Zambia’s Revenue Authority served the firm two search warrants during an unannounced visit to its Kagem mine.
Country now accounts for as much as 80 percent of global ruby output.
Gemstone producer us is expanding its footprint in Mozambique by acquiring nine ruby assets from ASX-listed Mustang Resources and Regius Resources Group.
The company, which began operations a year ago, said the move seeks to strengthen its communication with key stake holders and consumers.
The coloured gemstone sector has no system, globally at scale, that allows gemstones to be confidently traced from mine to market.
The 25.97-carat rough emerald is considered both “rare and exceptional” given its size, colour saturation and clarity.
The UK miner, which is the world's top coloured gems producer, is also adopting a new technology to further drive transparency in the sector.
Early output of 1,720 carats of emeralds, including 826 carats of top quality ones, was achieved through a bulk-sampling program carried out within eight weeks of the completing the acquisition of the mine
New gemstones mining and marketing company is stepping up efforts to kick off operations at some of its key assets and help organize what it calls "a highly disorganized and fragmented industry."
As part of Gemfields' philosophy of “total transparency”, the company revealed is facing claims of human rights abuses in Mozambique, where it mines rubies.
Fura Gems aims to resume production at the mine within six months of the deal closure.
The South African firm has secured control of the gemstones producer and plans to delist it.
Gemfields has been at the centre of a bidding war between the South African private equity group and Fosun Gold, a unit of Fosun International.
South Africa-listed Pallinghurst now needs just 60% of Gemfields’ shareholders to back its unsolicited takeover offer.
The precious stones miner has recommended shareholders to accept offer, despite considering it “unfair.”
It sold $54.8 million worth of rubies, a record high for any Gemfields auction and a 24% increase in revenue from the previous record.
Gemfields, which mines for emeralds and amethysts in Zambia and for rubies in Mozambique, had already received a buyout offer from largest shareholder Pallinghurst Resources.
Company called Pallinghurst Resources' bid “derisory”, adding it "clearly undervalues" the firm.
The auction of emeralds from the miner's Kagem operation in Zambia will now be in February.
Gemfields is proud to unveil ‘Ruby Inspired Stories’, a triptych of films featuring up-and-coming global female talent, each exploring the hidden meaning behind these captivating gemstones.
The company managed to sell 90,642 carats of the 92,136 carats it made available under the auction.
The emeralds and rubies miner raised $19.2 million from its recent auction in Jaipur, India.