Fura Gems aims to resume production at the mine within six months of the deal closure.
Mozambique Mining News
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.
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.
Cyclone Debbie forcing Asian steelmakers to diversify supply – Mozambique could be big beneficiary.
Company called Pallinghurst Resources' bid “derisory”, adding it "clearly undervalues" the firm.
Indian consortium plans to restart Benga mine in Mozambique bought from Rio Tinto for a fraction of Melbourne company's original purchase price.
The auction of emeralds from the miner's Kagem operation in Zambia will now be in February.
World number two miner acquired Southern African coal assets for $3.7 billion in 2011 – sold it for $50 million three years later.
Vale reworks agreement with Japan's Mitsui that could breathe new life into $4.4 billion expansion of Moatize mine and railway in Southern African nation.
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.
Company denied reports claiming that partner Mitsui was revising the terms of their association.
The company managed to sell 90,642 carats of the 92,136 carats it made available under the auction.
BHP Billiton and Rio Tinto have significantly cut their investments in coal, while repositioning behind the scenes.
For nearly five centuries gemstones have been synonymous with wealth, power, luxury and royalty.
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.
The sale follows last month’s touted deal with Stanmore Coal, which bought Vale's Isaac Plains coal mine for just a dollar.
ICVL wants boost annual production at its Benga mine from 5.3 million tonnes to 13 million tonnes in the next five years.