RAPAPORT… Gemfields has sold its 50% stake in a Zambian amethyst mine to enable it to focus on its core assets, it said Wednesday.
The sale of the Kariba Minerals deposit to ZCCM Investments
Holdings for $2.5 million will allow Gemfields to concentrate on its emerald,
ruby and sapphire operations, it explained.
Meanwhile, the miner has also established a joint venture
with Mwiriti, its partner in the Montepuez Ruby Mining operation, for gold
exploration in Mozambique, 20 kilometers from the ruby site.
“Gemfields remains a company
focused on emeralds, rubies and sapphires mined in Africa. However, given their
proximity, the relative ease of mobilization, our long-standing relationship
with Mwiriti, and the mineralization observed onsite to date, we feel it is
important to fully investigate the possible upside potential of these [gold] licenses,” Gemfields CEO Sean Gilbertson said.
Image: Amethysts from the Kariba Minerals mine. (Gemfields)
Gemfields Exits Amethysts, Adds Gold
The Bottom Line
- Gemfields sold its 50% stake in the Kariba Minerals amethyst mine in Zambia for $2.5 million to ZCCM Investments Holdings.
- The sale allows Gemfields to concentrate on its core emerald, ruby, and sapphire mining operations in Africa.
- Gemfields formed a joint venture with Mwiriti to explore gold deposits near its Montepuez ruby mine in Mozambique.
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