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Pallinghurst's Gemfields earns record $55m in latest ruby auction

By: Anine Kilian     13th November 2017 JSE-listed Pallinghurst Resources’ Gemfields subsidiary has generated $55-million in revenue from an auction of rough rubies. The auction, which was held in Singapore from November 6 to 10, generated the highest revenues ever attained at a Gemfields auction. 

Pallinghurst’s latest auction rakes in $21.5-million

By: Anine Kilian     6th October 2017 An auction of higher-quality rough emeralds held by JSE-listed Pallinghurst subsidiary, Gemfields, has generated revenues of $21.5-million. The auction saw 36 companies placing bids with a strong overall average value of $66.21/ct, the second-highest per carat price achieved by Gemfields’... 

Despite lower valuation, research firm provides favourable update for Mustang

By: Ilan Solomons     29th September 2017 Australian and US investment research firm Independent Investment Research (IIR) has updated its valuation for ASX-listed junior miner Mustang Resources, with this resulting in a slightly lower base case 12-month price target of $85-million, or $0.16 a share, a 225% premium to the current price.... 

Integration of Gemfields realising cost benefits – Pallinghurst

By: Martin Creamer     26th September 2017 The integration of Gemfields is beginning to realise cost benefits, Pallinghurst reported on Tuesday when it reiterated its transformation into a long-life operating mining company from being a former closed-end investment vehicle. In presenting half-year results of the company on Tuesday,... 

Pallinghurst widens H1 losses

By: Natasha Odendaal     21st September 2017 JSE-listed Pallinghurst Resources expects its losses for the six months to June 30, to widen, owing to decreases in the valuation of the company’s investments. A headline loss a share of $0.10 is anticipated for the half year under review, deteriorating from a headline loss a share of $0.04... 

Specialist helps Zambian mines save on maintenance costs

     15th September 2017 More and more mines in Zambia are seeing the benefits and the profitable returns of investing in condition monitoring, with a direct positive impact on productivity and machine availability, and reduced maintenance costs, enthuses condition-monitoring specialist WearCheck. 

Sean Gilbertson takes over Gemfields' reins as new CEO

By: Martin Creamer     4th August 2017 Long-serving Gemfields executive board member Sean Gilbertson, who was recently appointed executive director of Pallinghurst, is the new CEO of Gemfields, the coloured gemstone mining and marketing company that has delisted from the London Aim and is now an unlisted subsidiary of Pallinghurst.... 

Pallinghurst closes acceptances for Gemfields buy-out

By: Natasha Odendaal     2nd August 2017 Johannesburg-listed Pallinghurst Resources on Wednesday confirmed the closing of acceptances for its acquisition of coloured gemstones mining and marketing company Gemfields. The diversified mining company will now seek to contact any Gemfields shareholders who have not yet accepted the offer in... 

Gemfields to delist July 28

By: Martin Creamer     27th July 2017 Coloured gemstones mining and marketing company Gemfields is expected to cease trading on the London Aim from 07.00 on Friday, July 28, when it will be delisted. Pallinghurst Resources, which is taking its associate company in-house, said on Thursday that it would begin making an offer to... 

Pallinghurst eyeing London listing following Gemfields acquisition

By: David Oliveira     21st July 2017 Following Pallinghurst’s restructuring and successful acquisition of emerald miner Gemfields, the JSE-listed diversified miner will now commence with the preparatory work to potentially obtain a premium listing on the London Stock Exchange, with Gemfields delisting from London’s Aim stock... 

Pallinghurst setting out to revitalise Gemfields as 100% owner

By: Martin Creamer     19th July 2017 Owning 100% of Gemfields will allow diversified mining company Pallinghurst to revitalise the coloured gemstones mining and marketing entity and to unlock synergies, Pallinghurst CEO Arne Frandsen said on Wednesday, when the London Stock Exchange aspirant commenced its compulsory take up of the... 

Pallinghurst seeks London listing following Gemfields acquisition

By: David Oliveira     13th July 2017 Following Pallinghurst’s restructuring and successful acquisition of emerald miner Gemfields, the JSE-listed diversified miner will now commence with the preparatory work to potentially obtain a premium listing on the London Stock Exchange, with Gemfields delisting from London’s Aim stock... 

Pallinghurst receives just under 86% acceptances for Gemfields offer

By: Anine Kilian     4th July 2017 JSE-listed diversified miner Pallinghurst Resources has received valid acceptances in respect of about 268-million Gemfields shares representing about 48.30% of the existing issued share capital of Gemfields. Together with about 209-million Gemfields shares representing 37.64% of the existing... 

Gemfields applies for cancellation of Aim listing

By: Megan van Wyngaardt     30th June 2017 Gemfields has, at the request of Pallinghurst Resources, applied to the LSE for the cancellation of admission to trading its shares on Aim. Pallinghurst, led by CEO Arne Frandsen, on Tuesday said its offer to acquire the remaining interest in Gemfields had been accepted by shareholders holding... 

Moz benefiting from mining-sector exports, coal now dominant mineral

By: Keith Campbell     30th June 2017 Montepuez Ruby Mining (Montepuez) has announced that it achieved revenues of $54.8-million from its latest ruby auction, in Singapore. Montepuez mines rubies and corundum in the Montepuez district of Mozambique’s Cabo Delgado province. The company is 75%-owned by UK enterprise Gemfields and 25%-... 

Gemfields advises shareholders to reconsider Pallinghurst deal

By: Megan van Wyngaardt     28th June 2017 Gemfields on Wednesday advised its independent shareholders to “seriously consider” whether to accept Pallinghurst’s all-share offer. Pallinghurst on Tuesday said it had received acceptances for the offer exceeding 75%. 

Pallinghurst secures 75% acceptances for Gemfields takeover

By: Megan van Wyngaardt     27th June 2017 JSE-listed Pallinghurst has now garnered acceptances for 75.18% of shares in takeover target, Aim-listed miner Gemfields. Pallinghurst CEO Arne Frandsen noted that the company was “delighted” to have received more than 75% support from Gemfields’ shareholders, including the majority of Gemfields’... 

Gemfields continues resistance as Pallinghurst shareholders vote in favour of buyout

By: Anine Kilian     26th June 2017 Pallinghurst Resources has received 96% shareholder support for the buyout of the remaining stake in Gemfields, making its offer for Gemfields wholly unconditional. Brian Gilbertson’s Pallinghurst on May 19 announced its intention to buy out Gemfields’ minority shareholders in exchange for... 

Pallinghurst lowers acceptance condition for Gemfields takeover

By: Megan van Wyngaardt     21st June 2017 Pallinghurst Resources on Wednesday lowered the minimum acceptances required for its proposed takeover of Gemfields from 75% to 60%. The company had received valid acceptances from shareholders holding about 14.16% of Gemfields shares, which, with its own Gemfields shareholding of 47.09%, pushed... 

Gemfields committee recommends Fosun offer despite calling it ‘unreasonable’

By: Megan van Wyngaardt     20th June 2017 Emerald miner Gemfields on Tuesday said Fosun Gold Holdings’ cash offer for all the shares in Gemfields at 45p apiece – totalling £256-million – was unfair and unreasonable. Fosun Gold on Tuesday morning raised its offer for Gemfields, with the offer representing a premium of 18% to Gemfields'... 

Pallinghurst secures additional acceptance of Gemfields takeover

By: Natasha Odendaal     19th June 2017 As Johannesburg- and Bermuda-listed Pallinghurst Resources continues its takeover bid of 47%-owned coloured gemstones producer Gemfields, the group has secured acceptances totalling over 61.25% of the existing issued share capital of Gemfields. In addition to Pallinghurst’s own 47.09% stake, or... 

Ruby auction nets $5.4m in revenue – Gemfields

By: Anine Kilian     15th June 2017 Gemstone producer Gemfields’ latest auction of ruby and corundum extracted from the Montepuez ruby deposit, in Mozambique, generated revenue of $5.4-million. The auction, held in Singapore earlier this month, saw 54 companies placing bids. 

Ruby project ramps up production

     9th June 2017 Having completed the commissioning of its relocated processing plant, miner Mustang Resources reports that it continues to focus on secondary deposits, as part of its strategy to ramp up production at the Montepuez ruby project, in Mozambique. In August last year, Mustang announced that it had... 

Montepuez production suffers owing to lower ore grade

     9th June 2017 The Montepuez ruby deposit in Mozambique, owned by gemstone mining and marketing company Gemfields, produced 1.2-million carats of ruby and corundum in the three months ending March 31, declining compared with the two-million carats produced in the previous year’s quarter. The company notes that... 

Mustang positive about Moz ruby licence

By: Megan van Wyngaardt     7th June 2017 ASX-listed Mustang Resources has taken another significant step in its strategy to ramp-up processing at the Montepuez ruby project, in Mozambique, with the start of bulk sampling on licence 8245L, in which Mustang recently acquired a 65% interest from Regius Resources. The miner considered the... 

Pallinghurst scores as Jupiter dishes out $25m more

By: Martin Creamer     5th June 2017 Pallinghurst mining company Jupiter Mines on Monday announced that it would make a further $25-million distribution to its shareholders in September. The Johannesburg Stock Exchange-listed Pallinghurst, which is an 18.43% shareholder in Jupiter, expects to receive a further distribution of... 

Research firm sees Montepuez ruby field becoming consistent, stable source of rubies

By: Ilan Solomons     2nd June 2017 Australian and US investment research firm Independent Investment Research (IIR) has completed a valuation for ASX-listed junior miner Mustang Resources resulting in a base case 12-month price target of $89-million, or $0.169 a share. IRR says that 80% of this is based on a risk discounted cash... 

Israeli diamond billionaire Leviev buys into Zambia emerald mine

By: Bloomberg     1st June 2017 Billionaire Lev Leviev, who made his fortune undercutting De Beers’ former diamond monopoly, has bought half of one of Africa’s biggest emerald mines. Leviev bought into the Grizzly emerald mine in Zambia’s Copperbelt province, which borders the Democratic Republic of Congo, Kombadayedu Kapwanga,... 

Independent committee says Pallinghurst’s offer ‘significantly’ undervalues Gemfields

By: Creamer Media Reporter      31st May 2017 An independent committee set up by Gemfields to evaluate Pallinghurst Resources’ unsolicited offer to acquire the remaining interest in the company it does not already own, has said the offer “significantly” undervalues Gemfields, its assets and its leading position in the coloured gemstone... 

Pallinghurst share price leaps on value unlock outline

By: Martin Creamer     19th May 2017 The share price of mining investment fund Pallinghurst leapt in Johannesburg after the company outlined its plans to swop its investment fund shawl for a diversified miner’s mantle, unlock value through full absorption of its coloured gemstone associate and target a possible listing of the... 

Gemfields achieves ‘mixed’ results in Q3; withdraws from Colombia, Sri Lanka operations

By: Anine Kilian     12th May 2017 Aim-listed Gemfields’ 75%-owned Kagem mine in Zambia produced 4.5-million carats of emerald and beryl during the quarter ended March 31. This was three-million carats less than the same period last year, with Gemfields attributing the lower output to inclement weather during the period. It is... 

Mozambique authorities act to protect mining tax base from illegal activities

By: Keith Campbell     5th May 2017 The Cabo Delgado Provincial Command of the Mozambique Republic Police announced late last month that it had expelled more than 4 000 illegal miners form the Namanhumbir area since February. Fifty of the illegal miners, composed of both Mozambicans and foreigners, had been arrested. The foreigners... 

Analysts paint sparkling picture of coloured gemstone market

By: Ilan Solomons     28th April 2017 The shift from small-scale artisanal mining to larger mechanised mining, owing to the increasing involvement of larger mining companies and greater formalisation of the sector, is expected to increase the distribution channel of the coloured gemstone industry, which will continue to consolidate... 

Analysts paint sparkling picture of coloured gemstone market

By: Ilan Solomons     28th April 2017 The shift from small-scale artisanal mining to larger mechanised mining owing to the increasing involvement of larger mining companies and greater formalisation of the sector is expected to increase the distribution channel of the coloured gemstone industry, which will continue to consolidate, as... 

Pallinghurst turns $45m profit, upbeat on 2017, mulling options

By: Martin Creamer     29th March 2017 Diversified mining company Pallinghurst, which made $45-million profit in 2016, is upbeat on 2017. The Johannesburg Stock Exchange-listed company spoke of all three of its business platforms being well positioned for further growth and value-unlock. 

Australian miners issue encouraging reports from their African operations

By: Keith Campbell     17th March 2017 Australian junior mining companies active in Lusophone Africa have reported good news from both Angola and Mozambique. The companies concerned are the Lucapa Diamond Company, operating in Angola, and Mustang Resources, active in Mozambique. Lucapa has announced that total diamond sales to date... 

Mustang acquires 65% stake in another Moz licence

By: Esmarie Swanepoel     28th February 2017 Ruby miner Mustang Resources has acquired a 65% interest in a new ruby licence that borders its existing Montepuez project, in Mozambique, for 30-million of its own shares and $100 000 in cash. Artisanal miners are reportedly recovering large, high-quality rubies from the licence area, which is... 

Gemfields’ Q2 emerald output nearly halves

By: Anine Kilian     6th February 2017 Production of emerald and beryl at Aim-listed Gemfields’ 75%-owned Kagem mine, in Zambia, nearly halved to 4.7-million carats in the three months to December 31, compared with the 8.2-million carats produced in the three months to December 2015. CEO Ian Harebottle said the mine experienced a... 

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