On 10 December 2018, Gemfields announced that Gemfields Canada Inc. (a 100% subsidiary of Gemfields) had agreed to sell its 50% stake in Kariba Minerals Ltd (“Kariba”), the Zambian amethyst mine, to ZCCM Investments Holdings plc (“ZCCM”). That transaction was subject to assorted administrative steps and regulatory approvals, including from the Zambian Competition and Consumer Protection Commission and the Zambian Ministry of Mines.
Gemfields is pleased to announce that it has agreed to establish a joint venture company with Mwiriti Limitada (‘Mwiriti’), a Mozambican registered company, in order to explore and progress opportunities arising from 12 greenfield licences presently held by Mwiriti. The new joint venture company will be incorporated in Mozambique with Gemfields owning 75% and Mwiriti 25%. Mwiriti is Gemfields’ existing partner in Montepuez Ruby Mining Limitada (“MRM”) where Mwiriti also owns 25%.