Listed Mining Companies
A junior bout is under way in the coloured-gemstones space. In the one corner is Gemfields, whose CEO, Sean Gilbertson, published an open letter to the TanzaniteOne management. He is concerned about the way the company is being run and about its tsavorite transaction. He would like to have seen far more disclosure as a shareholder of the world’s biggest tanzanite-mining operation. His letter drew a rebuttal from the board of TanzaniteOne plus a reiteration that shareholders should not accept Gemfields’ offer for the company, which had a lot more to come. TanzaniteOne promises full details once it concludes the tsavorite deal, which, it says, will be concluded “imminently”. Gemfields would like to see written Tanzanian government consent to the transfer of all 12 tsavorite prospecting licences plus exactly how much tsavorite the company will be able to bring to surface. Both want to be world-scale coloured-gemstone-miners, Gemfields already entering the gemstone-polishing arena in a new facility in India.
TANZANITE TUSSLE
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By:
Darlene Creamer
Published on 3rd October 2008
Updated 2nd October 2008
Updated 2nd October 2008
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