DOCSLIB.ORG

Pallinghurst Resources Limited

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Pallinghurst Resources Limited THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION The definitions and interpretations commencing on page 9 of this Circular apply throughout this Circular, including this cover (unless the context indicates otherwise). Action required This entire Circular is important and should be read with particular attention to the section entitled “Action required by Shareholders”, which commences on page 6. If you are in any doubt as to the action you should take arising from this Circular, you should immediately seek your own financial advice from your Broker, CSDP, banker, attorney, accountant or other professional adviser immediately. If you have sold or otherwise transferred all of your Ordinary Shares in the Company, please send this Circular together with its accompanying enclosures at once to the purchaser or transferee, or to the Broker, CSDP, banker, accountant, attorney or other agent through whom the sale or transfer was effected, for the transmission to the purchaser or transferee. The Company is a closed-ended investment scheme authorised by the Guernsey Financial Services Commission (the “GFSC”) under Section 8 of the POI Law, as amended, and The Authorised Closed-ended Investment Scheme Rules 2008 made thereunder. The GFSC and the States of Guernsey have not reviewed this Circular and take no responsibility for the correctness of any statements made or opinions expressed with regard to the Company. The Directors of the Company, whose names appear on page 3 of this Circular, accept responsibility for the information in this Circular. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that this fact is the case), the information contained in this Circular is in accordance with the facts and does not omit anything likely to affect the meaning or effect of such information. The proposals described in this Circular are conditional on shareholder approval. Notice of the general meeting of the Company (the “General Meeting”) to be held at The Old Government House, St Ann’s Place, St Peter Port, Guernsey, GY1 2NU at 11 a.m. (BST) (12 p.m. (SAST)) on Monday 26 June 2017 is set out in the Notice of General Meeting attached to this Circular. If it is necessary to adjourn that meeting because there is not a quorum, further notice of an adjourned meeting is included in the Notice of General Meeting. Pallinghurst Resources Limited (an authorised closed-ended investment company incorporated under The Companies (Guernsey) Law 2008 and registered in Guernsey, with registered number 47656) (Registered as an external company in South Africa under registration number 2009/012636/10 on 26 June 2009) Share code on the BSX: PALLRES ISIN: GGOOB27Y8Z93 Share code on the JSE: PGL CIRCULAR TO PALLINGHURST SHAREHOLDERS INCORPORATING REVISED LISTING PARTICULARS relating to: · the proposed acquisition by Pallinghurst of the total issued and to be issued share capital of Gemfields not already held by Pallinghurst; · the allotment and issue of ordinary shares in Pallinghurst to Gemfields shareholders pursuant to the proposed acquisition; · the proposed extension of the life of the Company; · the general authority to repurchase up to 152,090,526 Ordinary Shares; · the approval of the Pallinghurst Share Plan; and · the proposed amendments to the Articles; and incorporating: · revised listing particulars in relation to Pallinghurst for the purposes of the JSE Listing Requirements; and enclosing: · a notice convening the General Meeting; and · a Form of Proxy in respect of the General Meeting (for use by all Bermuda Shareholders, SA certificated Shareholders and SA Dematerialised Shareholders with “own-name” registration only). Financial Advisor and Transaction Sponsor Investment Advisor (London) Legal Advisors in South Africa Legal Advisors in Guernsey Legal Advisors in the United Kingdom Independent Reporting Accountants Communications Advisor All Shareholders of the Company are requested to complete and return their enclosed Form of Proxy for use at the General Meeting in accordance with the instructions printed on it so the form is received by Thursday, 22 June 2017 or not later than 48 hours before the time of an adjourned meeting. Date of issue: 2 June 2017 This Circular is only available in English. Copies of this Circular may be obtained during normal business hours from the South African registered office of the Company as set out in the “Corporate Information” section of the Circular from the date of issue hereof until the date of the General Meeting. IMPORTANT LEGAL NOTES This Circular has been prepared for the purposes of complying with the JSE Listings Requirements, the POI Law and The Authorised Closed-ended Investment Scheme Rules 2008, and the information disclosed may not be the same as that which would have been disclosed if this Circular had been prepared in accordance with the laws and regulations of any jurisdiction outside of South Africa and Guernsey. The release, publication or distribution of this Circular in jurisdictions other than South Africa and Guernsey may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than South Africa and Guernsey should inform themselves about, and observe, any applicable requirements. Any failure to comply with the applicable requirements may constitute a violation of the securities laws of any such jurisdiction. This Circular is not intended to, and does not constitute, or form part of, an offer to sell or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any such jurisdiction. This Circular does not constitute a prospectus or a prospectus equivalent document. Shareholders are advised to read this Circular, which contains the full terms and conditions of the Offer, with care. Any decision to approve the Offer should be made only on the basis of the information in this Circular. As the Company is a company incorporated in Guernsey, the rights of Shareholders will be governed by Guernsey law and the Articles. The rights of Shareholders under Guernsey law may differ from the rights of shareholders of companies incorporated in other jurisdictions. Not all rights available to shareholders under South African or English law will be available to the Shareholders. Guernsey law limits the circumstances under which shareholders of companies may bring derivative actions. REGULATORY NOTIFICATIONS The GFSC has been notified of the proposed Special Resolution pursuant to the requirements under Part 5 of The Authorised Closed-ended Investment Schemes Rules 2008. REVISED LISTING PARTICULARS The information required for the Revised Listing Particulars of the Enlarged Group is included in this Circular. Due to the unsolicited nature of the Offer (and the inability by Pallinghurst to be privy to non- public information leading up to the Offer Announcement) information and disclosures included in this Circular relating to Gemfields and its business have been derived solely from publicly available sources. Accordingly, Pallinghurst has been unable to address all the required disclosures required by the JSE Listings Requirements to the extent that it relates to Gemfields. The JSE has acceded to Pallinghurst not publishing a Competent Persons Report on the mineral assets of Gemfields and the other mineral assets of the Company with this Circular, provided that the Company publishes a Competent Persons Report on the Enlarged Group within four months of the implementation of the Offer. As a result of the nature of the Offer, described above, Pallinghurst has not had access to information of Gemfields in relation to its working capital position, ongoing or threatened litigation, material contracts, material property (both acquired and disposed of in the last three years), material commitments, principal immovable property owned or leased and information on directors not publicly available. This Circular is not an invitation to the public to subscribe for shares in Pallinghurst, but is issued in compliance with the JSE Listings Requirements for the purpose of giving information to the public regarding Pallinghurst and to convene a general meeting of Pallinghurst shareholders to consider and, if deemed fit, approve the necessary resolutions required to implement the Offer. DISCLAIMER Information included in this Circular relating to Gemfields and its business has been derived solely from publicly available sources. All information included in this Circular by Pallinghurst regarding Gemfields is based on publicly available information. Although Pallinghurst is not aware of anything that would indicate that statements relating to Gemfields contained in this Circular are inaccurate or incomplete, Pallinghurst is 1 not in a position to verify information concerning Gemfields. Pallinghurst and its directors and officers are not, to the best of their knowledge and belief, aware of any errors in such information. Accordingly, Pallinghurst and its directors and officers disclaim all liability for information concerning Gemfields included in this Circular. Pallinghurst and its directors do, however, take responsibility for the accurate extraction of the publicly available information on Gemfields and its inclusion in this Circular. The pro forma financial information presented is not necessarily indicative of the operating results or financial condition that would have been achieved had the Offer been completed during the periods or at the times presented, nor
Load more

Recommended publications
  • Gemfields Group H1 Results
    Gemfields Group H1 results Coloured gemstones outperforming diamonds Metals & mining 26 September 2019 All signs point to continued strength in the market for coloured gemstones, which is in contrast to the weak diamond market conditions. Price ZAR1.6 Against this backdrop, Gemfields delivered solid half-year results with Market cap ZAR2,102m EBITDA of US$33.1m (up 3% year-on-year). The company ended June with ZAR14.99/US$ net cash of US$35.5m, up from US$9.8m in December, driven by the partial Net cash (US$m) at 30 June 2019 35.5 sale of its stake in Jupiter, as well as free cash flow from operations. Shares in issue 1,314m Free float 60% Revenue PBT* EPS* DPS P/E Yield Year end (US$m) (US$m) (c) (c) (x) (%) Code GML 12/17 81.7 55.8 3.9 0.0 2.7 0.0 Primary exchange Johannesburg 12/18 206.1 (22.5) (2.3) 0.0 N/A 0.0 12/19e 191.1 22.2 0.4 0.6 27.0 5.7 Secondary exchange Bermuda 12/20e 216.2 27.6 0.1 0.0 74.5 0.0 Share price performance Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. Coloured gemstone market signals are all positive Investors concerned that weak diamond market conditions may also be reflected in coloured gemstones should take heart from Gemfields’ most recent auction results: at Montepuez Ruby Mining’s (MRM’s) June auction 98% of lots sold by weight and one lot achieved a record price per carat; Kagem’s August auction totalled US$18.6m – the highest for a commercial quality auction since November 2015.
    [Show full text]
  • Gemfields Group AIM Listing
    Gemfields Group AIM listing A Valentine’s Day gift for the AIM market Metals & mining 17 February 2020 Fittingly for a coloured gemstone company, Gemfields began trading on London’s AIM market on 14 February. We continue to see significant value Price ZAR2.14 in this stock, which was previously under the radar, and our updated sum- Market cap ZAR2,506m of-the-parts valuation is US$522m (previously US$449m). The removal of ZAR14.87/US$ the 15% export duty on Zambian emeralds has a significant positive impact Net cash (US$m) at 31 December 2019 25.4 on Kagem, which we now value at US$246m (previously US$153m). We Shares in issue (excluding treasury 1,171m expect Gemfields to generate US$75m in EBITDA in 2020 (previously shares) US$59m), putting it on a 2020e EV/EBITDA of just 1.8x. Free float 72% Code GML Revenue PBT* EPS* DPS P/E Yield Year end (US$m) (US$m) (c) (c) (x) (%) Primary exchange Johannesburg 12/17 81.7 55.8 3.9 0.0 3.7 N/A Secondary exchange AIM 12/18 206.1 (22.5) (2.3) 0.0 N/A N/A 12/19e 213.2 42.8 1.6 0.0 9.0 N/A Share price performance 12/20e 233.8 42.7 1.0 0.0 14.4 N/A Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. Kagem export tax suspension is a significant positive In late 2019, Zambia announced the suspension of the 15% export duty on emeralds (introduced in 2019) from January 2020.
    [Show full text]
  • Gemfields Group Initiation of Coverage
    Gemfields Group Initiation of coverage Dazzling Metals & mining 8 April 2019 Gemfields Group Limited (Gemfields) provides investors with exposure to major producing coloured gemstone mines at Montepuez Ruby Mining Price ZAR1.75 (MRM – rubies) and Kagem Mining (Kagem – emeralds) with additional Market cap ZAR2,300m value upside from the potential turnaround of Fabergé and its investments US$/ZAR14.2; US$/A$1.41 in Sedibelo Platinum Mines (Sedibelo – platinum group metals) and Jupiter Net cash (US$m) at 31 December 2018 9.8 Mines (Jupiter – manganese). Our sum-of-the-parts (SOTP) valuation of Shares in issue 1,314m Gemfields totals ZAR5.01/share. (excl treasury shares) Free float 56% Revenue PBT* EPS* DPS P/E Yield Code JSE: GML Year end (US$m) (US$m) (US$) (US$) (x) (%) 12/17 81.7 55.8 0.04 0.0 3.1 N/A Primary exchange JSE 12/18 206.1 (22.5) (0.02) 0.0 N/A N/A Secondary exchange BSX 12/19e 211.9 21.3 0.00 0.0 N/A N/A 12/20e 225.0 24.8 0.00 0.0 N/A N/A Share price performance Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. Profitable and cash flow-generative core assets MRM and Kagem are producing, profitable, cash flow-generative core assets and Gemfields’ 2018 results demonstrate the strength of the investment proposition. The group generated EBITDA of US$58.9m (a 29% EBITDA margin) and free cash flow before movements in working capital of US$26.9m, ending 2018 with net cash of US$9.8m and US$41.4m of auction receivables.
    [Show full text]
  • An Easy Way to Find Your Very Own Gemfields Emerald
    An Easy Way To Find Your Very Own Gemfields Emerald LONDON, 26 APRIL 2021 With the green shoots of spring now all around, jewellery lovers’ thoughts will turn to emeralds, the birthstone of May, symbolising hope, peace and renewal. And for those who yearn for a cut and polished, responsibly sourced emerald to call their own, a natural port of call is Eshed – Gemstar. Eshed is a longstanding partner of Gemfields – a world-leading supplier of responsibly sourced coloured gemstones – who specialises in Zambian emeralds and has one of the largest collections of certified emeralds from the Kagem mine in Zambia. Buying through them, or via one of the other trusted sellers Gemfields work with, means owning a top-quality Gemfields gemstone really is as easy as a few clicks. Gemfields Limited, 1 Cathedral Piazza, London, SW1E 5BP, United Kingdom Tel: +44 20 7518 3400 gemfields.com A third-generation family-owned business led by Avraham Eshed, Eshed has over 80 years of experience of working to the highest standards. The company, which has won a raft of industry awards, prides itself on its master cutting skills and state-of-the-art technology; it has a well- deserved international reputation for excellence, supplying high-end jewellers and retailers all over the world. With offices in Los Angeles, Hong Kong, New York and Israel, where its factory is located, Eshed is used to catering to the most discerning customers, and has adapted its business model also to online retail beautifully in recent years by launching eshed.com The website eshed.com takes the complication and stress out of the buying process.
    [Show full text]
  • MOZAMBIQUE: a RUBY DISCOVERY for the 21ST CENTURY Merilee Chapin, Vincent Pardieu, and Andrew Lucas
    FIELD REPORT MOZAMBIQUE: A RUBY DISCOVERY FOR THE 21ST CENTURY Merilee Chapin, Vincent Pardieu, and Andrew Lucas he Republic of Mozambique is located in south- eastern Africa along the Indian Ocean. Separated fromT Madagascar by the Mozambique Channel, it is Pemba bordered by Tanzania to the north, South Africa to Montepuez Namahumbire N the south, and Zimbabwe, Malawi, and Zambia to Namahaca the east (figure 1). t The country boasts rich resources of natural gas, 10~ 150 mi 1 coal, titanium, and hydroelectric power. Agriculture 0 150 km is also important to the economy and includes ex- I~ tensive production of cotton, cashew nuts, sugar- cane, tea, manioc root, tapioca, fruits, potatoes, beef, A F R I C A and poultry. Ruby mining is one of the newer eco- nomic sectors, with major developments in the northeastern part of the country in the mid to late 2000s. MOZAMBIQUE The Montepuez ruby deposit was discovered in May 2009 (Pardieu et al., 2009). Shortly thereafter, Maputo thousands of miners, supported by foreign traders, • began to illegally work the area. This continued until June 2011, with the formation of the Montepuez Figure 1. Mozambique, located in southeastern Ruby Mining company (MRM), a partnership be- Africa, is the world’s newest major ruby source. Its ruby mines are concentrated in the country’s north- tween Mozambique’s own Mwiriti Ltd. and the eastern corner. Adapted from Hughes (2014). multinational British gemstone mining company Gemfields. MRM acquired a 25-year concession in March 2012 and has expended considerable effort and capital to improve the mine’s infrastructure, machin- MRM ruby deposit, as the entire inventory was the di- ery, staffing, security, and public relations.
    [Show full text]
  • Gem News International Gems & Gemology Spring 2017 A
    -...~ em News IA Contributing Editors Emmanuel Fritsch, University of Nantes, CNRS, Team 6502, Institut des Matériaux Jean Rouxel (IMN), Nantes, France ([email protected]) Gagan Choudhary, Gem Testing Laboratory, Jaipur, India ([email protected]) Christopher M. Breeding, GIA, Carlsbad ([email protected]) Dealers also talked about the October 2016 removal of U.S. sanctions on Myanmar, legalizing the import of TUCSON 2017 Burmese jadeite and rubies. According to Edward Boehm of RareSource, the lifting of the ban was widely welcomed, The 2017 Tucson gem and mineral shows drew eager buy- but Myanmar government reforms of the gem mining sec- ers from all over the globe. Although many dealers reported tor have some way to go. Conditions on the ground are lower traffic this year, most were content with the volume much improved, however. Boehm told us new production of business and noted that buyers were “serious.” might take some time to appear, which would impact As in previous years, we identified some strong trends: prices and selection of available goods in the short term. Large multinational companies have significantly im- • Demand for special one-of-a-kind pieces in both pacted colored gemstone mining and distribution over the pearls and colored gemstones last decade. Gemfields’ Kagem and Montepuez mines sup- • Continuing investment by multinational companies ply approximately one-third of global emerald and 70% of in colored gemstone mining and distribution global ruby production, respectively. At this year’s show • A growing focus on ethically sourced gemstones and we were able to interview Gemfields CEO Ian Harebottle beneficiation for his perspective on the company’s operations and its • Strong demand for high-end gems and a softening of 2013 merger with luxury brand Fabergé.
    [Show full text]
  • Introducing the Gemfields Foundation Embargo Release 00:01 GMT
    Introducing the Gemfields Foundation Embargo release 00:01 GMT Monday 18 January 2021 London, 18 January 2021 Highlights: • Today, Gemfields is launching the Gemfields Foundation; • Borne organically as a result of increasing demand from donors, the Foundation is the charitable arm of Gemfields, through which donors can contribute funding to directly support community and conservation projects in sub-Saharan Africa. It is a charitable vessel to manage and scale-up activations that have been carried out by Gemfields over the last decade; • Gemfields Foundation functions quite unlike most charities: 100% of donor funds are directed, in full, to the underlying charitable projects. All overhead, administration, travel and management costs are borne fully by Gemfields Limited and its subsidiary companies. The result is a charitable endeavour that enjoys, at no cost to donors, excellent in-country experience, personnel, infrastructure, support and community liaison teams, uniquely positioning Gemfields Foundation to deliver impactful projects; • The Foundation is a UK registered charity, with an international board of trustees to govern activities; • The Foundation increases Gemfields’ already significant role in the rise of African gemstones and the benefit these gemstones bring to their place of origin and their host communities; • Gemfields wholly owns Fabergé, a name of significant artistic jewellery heritage, and whose current collections proudly carry Gemfields’ responsibly sourced gemstones. Gemfields is pleased to further enhance responsible sourcing in the coloured gemstone sector by launching the Gemfields Foundation, a charitable vessel to facilitate a greater number of activations in sub-Saharan Africa that are designed to benefit both communities and conservation. The move comes in response to increasing demand from prospective donors.
    [Show full text]
  • A Leading Supplier of Responsibly Sourced Coloured Gemstones
    A leading supplier of responsibly sourced coloured gemstones Our business model focuses on creating Revenue Gemfields is a world leading shareholder value by identifying and supplier of responsibly sourced investing in undeveloped or underdeveloped coloured gemstone assets. We use our US$ million coloured gemstones. We unrivalled operational expertise in the 193.1 coloured gemstone sector to grow these (2015: US$171.4 million) specialise in high quality assets, typically in partnership with emeralds and amethysts from appropriate local partners. We do not pursue EBITDA comprehensive vertical integration. Rather, Zambia and rubies from our mine and market strategy means we focus on both ends of the value chain, US$ million Mozambique. Gemfields has representing what we believe to be the two 69.4 a seven-year track record of most important segments. (2015: US$64.4 million) direction, delivery and success. About us: Profit after tax Our pioneering auction platform has changed the face of the coloured gemstone sector, delivering a key tenet of our business US$ 23.5 million model: bringing a consistent supply of (2015: US$12.3 million) responsibly sourced coloured gemstones, carefully graded according to our proprietary Probable Ore Reserve at Montepuez rough grading systems, to our customers in line with their respective market focus. This distribution platform is complemented by 432 million carats determined marketing and promotional Projected 21-year life of mine campaigns to further increase confidence in, and awareness of, this exciting and Proved and Probable Ore Reserve at Kagem fast-growing sector. 1.1 billion carats Projected 25-year life of mine Gemfields Locations 1 2 3 Key 1 75% owned Kagem emerald mine 2 50% owned Kariba amethyst mine 3 75% owned Montepuez ruby mine Prospective licences Gemelds’ and Fabergé global oces Key assets Kagem Mining Limited – emeralds (75% interest) Oriental Mining Société Limitée, Madagascar – rubies, • A partnership with the Government of the Republic of Zambia emeralds and sapphires (100% interest) (25% interest).
    [Show full text]
  • Gemfields Discovers Exceptionally Rare Pair of Matching Mozambican Rubies, Totalling 45 Carats, Ahead of Forthcoming Ruby Auction
    Gemfields discovers exceptionally rare pair of matching Mozambican rubies, totalling 45 carats, ahead of forthcoming ruby auction Tuesday 9th June, London, UK – Gemfields, the world’s leading supplier of responsibly sourced coloured gemstones, has discovered an exceptionally rare pair of matching rubies from its Montepuez ruby mine in Mozambique. With a combined weight of 45 carats, the two rough rubies will now form one of the highlights at the company’s much-anticipated ruby auction in Singapore next week. This extraordinary find follows the discovery of the 40 carat ‘Rhino Ruby’ last year at the Montepuez deposit, which at 340 square kilometres, is thought to be one the most significant ruby mining concessions in the world today. Importantly, several independent gemmological laboratories have confirmed that certain Mozambican rubies display the legendary “pigeon blood” colour previously reserved for rubies from Burma. Ian Harebottle, CEO of Gemfields, said: “It is extremely rare to find two matching rubies of this size, colour and quality. Their discovery underscores the importance of the Montepuez deposit as a source of some of the highest quality rubies the world has seen in generations. If this remarkable matching pair was to make it to the Paris Biennale in 2016 they would simply steal the show!” The Gemfields auction of higher-grade uncut rubies takes place from 16-21 June 2015 in Singapore. The coloured gemstone market has seen several records broken in recent months. Most notably, a 25.59 carat Burmese ruby sold at Sotheby’s in Geneva for US$ 30.3 million, making it the most expensive ruby ever sold at auction and setting a ruby world record of almost US$ 1.2 million per carat.
    [Show full text]
  • Modern Slavery and Human Trafficking Statement
    Modern Slavery and Human Trafficking Statement This Statement is made pursuant to section 54 of the Modern Slavery Act 2015 (the “Act”) and covers the financial year ending 31st December 2018. It provides an explanation of the steps that Gemfields Group Limited and its subsidiaries (“Gemfields” or “we”) take to combat the potential for modern slavery and human trafficking to occur in its business and supply chains. Statement of commitment Gemfields has a zero tolerance policy with regards to slavery, human trafficking and any similar abuses across its operations and supply chains. We are committed to a range of procedures introduced to mitigate the likelihood of such abuses occurring and will continue to make improvements to these procedures. Meaning of slavery and human trafficking We take our understanding of modern slavery and human trafficking from the Act and we refer to the UN Universal Declaration of Human Rights in our Human Rights & Security Policy (available on our website). Our business model Gemfields is a mining company with its primary listing in South Africa (JSE: GML) and secondary listing on the Bermuda Stock Exchange (“BSX”). Gemfields’ core business is the mining and sale by auction of rough coloured gemstones; amethysts and emeralds in Zambia and rubies in Mozambique. Gemfields holds majority ownership in a currently non-producing exploration and mining joint venture operation in Ethiopia and also holds an exploration licence in Madagascar. Its subsidiary Gemfields Limited is the owner of the Fabergé jewellery brand. Gemfields’ corporate headquarters is in London and we have sales and support offices in South Africa, India and Thailand.
    [Show full text]
  • GEOLOGY of CORUNDUM and EMERALD GEM DEPOSITS : a R EVIEW Gaston Giuliani and Lee A
    FEATURE ARTICLES GEOLOGY OF CORUNDUM AND EMERALD GEM DEPOSITS : A R EVIEW Gaston Giuliani and lee A. Groat The great challenge of geographic origin determina - processes), and alluvial (deposited by rivers). Today, tion is to connect the properties and features of indi - most sapphires are produced from gem placers related vidual gems to the geology of their deposits. Similar to alkali basalts, as in eastern Australia or southern geologic environments can produce gems with similar Vietnam, while placers in metamorphic environments, gemological properties, making it difficult to find such as in Sri Lanka (Ratnapura, Elahera) and Mada - unique identifiers. Over the last two decades, our gascar (Ilakaka), produce the highest-quality sap phires. knowledge of corundum and emerald deposit forma - The colluvial Montepuez deposit in Mozam bique pro - tion has improved significantly. vides a huge and stable supply of clean and very high- quality rubies. The mineral deposits are classically separated into pri - mary and secondary deposits. Primary corundum de - Primary emerald deposits are subdivided into two posits are subdivided into two types based on their types based on their geological environment of forma - geological environment of formation: (1) magmatic and tion: (1) tectonic-magmatic-related (Type I) and (2) (2) metamorphic. Magmatic deposits include gem tectonic-metamorphic-related (Type II). Several sub - corundum in alkali basalts as in eastern Australia, and types are defined and especially Type IA, hosted in M- sapphire in lamprophyre and syenite as in Montana UMR, which accounts for about 70% of worldwide (United States) and Garba Tula (Kenya), respectively. production (Brazil, Zambia, Russia, and others).
    [Show full text]
  • Completion of Disposal of 50% Interest in Kariba Minerals Limited
    GEMFIELDS GROUP LIMITED (Incorporated in Guernsey) (Guernsey registration Number: 47656) (South African external company registration number 2009/012636/10) Share code on the BSX: GML.BH ISIN: GG00BG0KTL52 Share code on the JSE: GML ("Gemfields" or the "Company") Completion of disposal of 50% interest in Kariba Minerals Limited 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. Under the terms of the transaction, Gemfields would receive USD 2.5 million in consideration for the disposal of its shares and would discharge all outstanding sums owed by Kariba to the Company. Gemfields’ decision to dispose of its stake in Kariba was driven by the Company’s strategy of focusing on emeralds rubies and sapphires. Gemfields confirms that the transaction has completed and that it has received net consideration USD 2.375 million after deduction of the applicable property transfer taxes in Zambia. Additional information on Gemfields Gemfields is a world leading supplier of responsibly sourced coloured gemstones. Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the world’s single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique, Ethiopia and Madagascar.
    [Show full text]