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  • 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.