On 9 November 2018, Gemfields Canada Inc. (a 100% subsidiary of Gemfields) agreed to sell its 50% stake in Kariba Minerals Ltd (“Kariba”), the Zambian amethyst mine, to ZCCM Investments Holdings plc (“ZCCM”). The Company is set to receive USD 2,500,000 in consideration for the disposal of its shares to ZCCM.
The transaction is subject to various administrative steps and regulatory approvals, including from the Zambian Competition and Consumer Protection Commission and the Zambian Ministry of Mines. The transaction is currently expected to complete early in Q1 2019. As part of the agreement, Gemfields has agreed to discharge all outstanding sums owed by Kariba to the Company.
The data can be found below.
The Company’s decision to dispose of its stake in Kariba is in line with the Company’s strategy of focusing on rubies, emeralds and sapphires.
MRM Monthly Operational Data
Gemfields shareholders are referred to the SENS announcement on 10 October 2018 and are advised that its business related and operational results and financial position up to and including August 2018 are now available on a monthly‐basis for its 75% owned Montepuez ruby mine. The operational results can be found on the Company’s website www.gemfieldsgroup.com.