10th Sep 2015 06:57
LONDON (Alliance News) - Gemstones miner Gemfields PLC on Thursday said it has acquired controlling stakes in two emerald projects predominantly located in the Boyacá state in Colombia.
Gemfields said it has acquired a 70% stake in a Colombian company which will hold the mining contract for the Coscuez Emerald Mine. The licence covers 47 hectares of land, including Coscuez, a prominent emerald mine which has been in operation for 25 years. It will pay USD15.0 million in total to acquire the licences.
The second acquisition covers the purchase of a 75% and 70% stake in two unnamed Colombian companies which hold the rights to mining licence applications and assigned concession contracts given to ISAM Europa. Gemfields will pay a total of USD7.5 million to acquire the stakes.
"Gemfields is delighted to announce its entry into Colombia, home to some of history's most legendary emerald mines and a country with tremendous potential. The proposed acquisitions will require further work and additional exploration before any meaningful production commences but they are clearly in line with our strategy of expanding Gemfields' global footprint in a considered yet cautious fashion," said Ian Harebottle, Gemfields' chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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