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Gemfields Exits Amethysts, Adds Gold

Company sells 50% interest in Kariba Minerals mine to focus on emeralds, rubies and sapphires.
Jun 27, 2019 8:34 AM   By Rapaport News
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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)
Tags: Gemfields, Kariba Minerals, Montepuez Ruby Mining, Mwiriti, Rapaport News, Sean Gilbertson, Zambian amethyst mine
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