Tag

MRM

Lusaka Emerald Auction Results

Gemfields is pleased to announce the result of an auction of predominantly commercial quality rough emerald held in Lusaka, Zambia from 18-21 February 2020. The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.

Singapore Ruby Auction Results

Gemfields is pleased to announce the results of an auction of rough rubies in Singapore from 10 – 14 December 2019. The rough rubies were extracted from the licence held and operated by Montepuez Ruby Mining Limitada (“MRM”), which is 75% owned by Gemfields and 25% by local partner Mwiriti Limitada.

Singapore Ruby Auction Results

Gemfields is pleased to announce the results of an auction of rough rubies in Singapore from 11 – 15 June 2019. The rough rubies were extracted from the licence, held and operated by Montepuez Ruby Mining Limitada (“MRM”), which is 75% owned by Gemfields and 25% by local partner Mwiriti Limitada.

Increased illegal mining activity in MRM’s concession at Montepuez

Montepuez Ruby Mining (MRM) has observed increasing numbers of illegal miner pit collapse incidents in 2019, resulting in the loss of multiple lives. MRM has responded by providing humanitarian assistance in rescue and recovery operations, as well as increasing on-site signage warning of the dangers of illegal mining and campaigning to raise awareness among the local communities and government officials to assist in tackling the issue.

Cyclone Kenneth

In the wake of tropical cyclone Kenneth, Gemfields confirms that, while regular operations were temporarily affected, there have fortunately been no reported injuries at Montepuez Ruby Mining Lda (MRM), Megaruma Mining Lda (MML) or in the surrounding communities. In addition, there are no reports thus far of any material damage to MRM / MML assets or infrastructure. Our thoughts are with those who have been affected by the cyclone.

Gemfields Press Statement

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.

MRM Ruby Mine SAMREC Resource & Reserves Update

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”).

Singapore Ruby Auction Results

Gemfields is pleased to announce the results of an auction of rough rubies in Singapore from 10 – 14 December 2018. The rough rubies were extracted from the licence held and operated by Montepuez Ruby Mining Limitada (“MRM”), which is 75% owned by Gemfields and 25% by local partner Mwiriti Limitada. Highlights – Ruby Auction Auction revenues of USD 55.3 million; Of the 90 lots offered, 88 were sold (98%); Average price of USD 84.32 per carat; 655,623 carats sold out of the 685,363 carats offered (96%); and The eleven Gemfields auctions of MRM rubies held since June 2014 have generated USD 462.6 million in aggregate revenues.

Kariba Update & MRM Monthly Operational Market Data to 31 August 2018

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.

Singapore Ruby Auction Results

Pallinghurst is pleased to announce the results of an auction of rough rubies held by its 100% owned subsidiary, Gemfields Ltd (“Gemfields”) in Singapore from 5 – 9 June 2018. The rough rubies were extracted from the licence held and operated by Montepuez Ruby Mining Limitada (“MRM”), which is 75% owned by Gemfields and 25% by local partner Mwiriti Limitada.