The world’s largest coloured gemstone producer, Gemfields, yesterday announced it has established a joint venture with Mwiriti to explore for gold and assorted minerals in Mozambique. Mwiriti is Gemfields’ existing partner in Montepuez Ruby Mining (MRM) and holds 12 greenfield licences located as little as 20 kilometres from MRM’s existing operations, including an extension of the known Montepuez ruby belt with both secondary gold incidence and primary corundum mineralisation having been observed.
Gemfields reported a $60.4 million net loss for 2018, compared with a $45.1 million profit in 2017, despite achieving record revenues for the year of US$206 million. The company attributed the loss to the impact of a new tax regime in Zambia and and a costly court case that ended in a settlement. Gemfields' share price endured a disappointing 12 months, falling 40% by year-end.
Pallinghurst resources Ltd., a private equity firm focused on mining, who already own 47% of Gemfields Plc, made an offer to acquire the remaining 53% of the gemstone miner in a bid to restructure the company and make it more profitable. Pallinghurst offered investors nearly two shares in Pallinghurst for each share in the colored-stone producer, valuing the miner at $275.6 million. Gemfields’ board has advised its shareholders to not take any action at the moment while they review the offer.
Mozambique's National Director of Mines Elias Daude last week confirmed that diamonds had been discovered in the Massangena district of the Gaza province, writes Mining Weekly.