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.
Mozambique Mining News
There were no findings of wrongdoing or late payment, the Zambia Revenue Authority (ZRA) said.
Failing to get the project off the ground would deprive Mozambique of a source of revenue it’s come to rely on. Coal is Mozambique’s biggest export.
Since their discovery in early 2009, the ruby deposits near Montepuez in Mozambique have produced an impressive number of exceptional-quality stones.
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.
Women’s cries just after 1 a.m. confirmed Barnabe Samuel Mussa’s worst fears -- an attack was underway.
The company, which began operations a year ago, said the move seeks to strengthen its communication with key stake holders and consumers.
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
Lawyers acting for the company, its former chief executive Tom Albanese, and its ex finance director Guy Elliott say charges brought by the SEC are 'plainly wrong.'
Australia’s corporate watchdog has launched court action against the company, former chief executive Tom Albanese and chief financial officer Guy Elliott.
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.
SEC will push ahead with the prosecution of the company, former chief executive Tom Albanese and ex-chief financial officer Guy Elliott over alleged attempts to cover up multi-billion losses on a coal investment in Africa.
Fura Gems aims to resume production at the mine within six months of the deal closure.
The filing cited Anton Colbert of Cook County, Illinois, as lead plaintiff but his action acts in the name of “hundreds or thousands of members in the proposed class.”
Lawsuit against ex-CEO Tom Albanese, CFO Guy Elliott centers on $3.7 billion acquisition of Mozambique coal assets in 2011 later sold for just $50m.
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.