South Africa-listed Pallinghurst now needs just 60% of Gemfields’ shareholders to back its unsolicited takeover offer.
Gemfields Mining News
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.
According to SRK, the company needs to spend $84 million over the first four years of the project
The London-listed precious stones miner plans to buy two emerald projects in Colombia.
An independent report has confirmed the Montepuez mine holds the largest deposit of rubies in the world, with projected output of 432 million carats over 21 years.