Gemfields Group announced on Friday that it has commenced a sale process for its 23.65% equity holding in Pallinghurst Ivy Lane Capital, which owns 27.64% of Sedibelo Platinum Mines Limited (SPM).
The transaction will give Gemfields an effective and indirect interest in SPM of approximately 6.54%.
SPM is incorporated in Guernsey and owns and operates the Pilanesburg Platinum Mines in South Africa’s Bushveld Complex.
In its financial year ending 31 December 2019, SPM dispatched and sold approximately 127,000 4E ounces (comprising platinum, palladium, rhodium and gold) and generated EBITDA of approximately $13 million.
Gemfields remains the operator and majority owner of both the Kagem emerald mine, in Zambia, and the Montepuez ruby mine, in Mozambique.
The precious gemstones miner said on Tuesday it is unable to say when it might be able to host its next auction, or generate meaningful revenue from sales, due to the “severe” impact of covid-19 restrictions. Five auctions scheduled for May, June, August and two in December of 2020 were all cancelled.