The South African firm has secured control of the gemstones producer and plans to delist it.
Zambia Mining News
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.
Power price resolution could come within ‘weeks’, chamber says
The group of 31 people arrested over the weekend at the copper-mining town of Chingola, includes a pregnant woman and two other people with malaria.
Company called Pallinghurst Resources' bid “derisory”, adding it "clearly undervalues" the firm.
A surge in commodity prices combined with its multibillion-dollar asset fire-sale has put the company in a position to pay big dividends and explore acquisitions.
The auction of emeralds from the miner's Kagem operation in Zambia will now be in February.
While output was down for most commodities it mines and sales, it has improved earnings forecast for its trading unit.
State-owned copper mining investment holding company wants to branch out into agriculture, energy and manufacturing.
Just as government threatened to withdraw the licences of mining firms which refused to pay the increased taxes so did the mining companies threaten to stop their mining activities.
Despite a rebound in commodity prices and successful costs cuts, Glencore remained in the red in the six months to end-June.
According to a UN report, since 2000 two-thirds of South Africa's gold exports – mostly to India – did not appear on its trade partners' books.
Peru's output surges, North American producers slip down the rankings and Chinese mines shut down.
Glencore's $1.1 billion investment in Mopani marks a turnaround for Zambia’s copper sector and will help lift economic growth to 5% by 2018.
Hit by a slump in copper prices, Zambia should maintain stable mining policies and taxes to avoid losing out to new, lower cost mines elsewhere, said the Chamber of Mines President Nathan Chishimba.
The company will start cutting nearly 80% of its workforce at its Collinsville coal mine in March next year, as it dials back mining at the site.
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.
The stock ignored news from Zambia where President Edgar Lungu said he would not allow the firm to lay off workers at its Mopani Copper Mine, as it mothballs it for 18 months.
The contract will give the company, which wants to become a one-stop shop African fertilizer business, a platform to distribute the product across eastern and southern Africa.
According to SRK, the company needs to spend $84 million over the first four years of the project