Gemfields confirms today that it has agreed, on a no-admission-of-liability basis, the settlement of all claims brought by English law firm Leigh Day on behalf of individuals living in the vicinity of Montepuez Ruby Mining Limitada’s (MRM) mining concession in northern Mozambique. The settlement figure is GBP 5.8 million comprising the sum to be distributed to the claimants by Leigh Day and their legal expenses. In its voluntary statement dated 12 February 2018, Gemfields recognised that, in the past, instances of violence have occurred on and around the MRM licence area, both before and after Gemfields’ arrival in Montepuez.
Gemfields is pleased to announce the publication of a Competent Persons Reports (“CPR”) produced by SRK Consulting (UK) Ltd (“SRK”) in respect of Montepuez Ruby Mining Limitada (“MRM”), which is 75% owned by Gemfields and 25% by local Mozambican partner Mwiriti Limitada. The CPR includes ‘Mineral Resource’ and ‘Mineral Reserve’ estimates (at 31 August 2018) in accordance with the 2016 edition of the South African Code for the reporting of exploration results, Mineral Resources and Mineral Reserves (the SAMREC Code or “SAMREC”).
Gemfields advises that Mr Carel Malan has been appointed as a Non‐Executive Director of the Company with effect from 9 January 2019. Mr Malan will also serve as a member of the Company’s Audit Committee. Mr Malan is a South African chartered accountant and is the Chief Financial Officer of the Tshipi manganese mine owned by Tshipi e Ntle Manganese Mining (Pty) Ltd (in which the Company has an indirect interest of approximately 3.7%).
Gemfields advises that Mr Erich Clarke resigned as a Non-Executive Director of the Company on, and with effect from, 7 January 2019 due to other commitments. The Company is in the process of confirming a replacement for Mr Clarke, including his role as a member of the Company’s Audit Committee.