Gemfields sells its stake in a Zambian amethyst mine


Gemfields has sold its 50% stake in a Zambian amethyst mine to enable it to focus on its core assets, it said Wednesday. 

The sale of the Kariba Minerals deposit to ZCCM Investments Holdings for $2.5 million will allow Gemfields to concentrate on its emerald, ruby and sapphire operations, it explained. 

Meanwhile, the miner has also established a joint venture with Mwiriti, its partner in the Montepuez Ruby Mining operation, for gold exploration in Mozambique, 20 kilometers from the ruby site. 

“Gemfields remains a company focused on emeralds, rubies and sapphires mined in Africa. However, given their proximity, the relative ease of mobilization, our long-standing relationship with Mwiriti, and the mineralization observed onsite to date, we feel it is important to fully investigate the possible upside potential of these [gold] licenses,” Gemfields CEO Sean Gilbertson said.  Source – www.thediamondloupe.com