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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. 

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... 

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... 

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... 

Mozambique’s ruby sector advances

By: Keith Campbell     3rd February 2017 Mozambique’s ruby mining sector continues to develop, with Australia-domiciled Mustang Resources announcing in late January that it had despatched its first commercial parcel of the precious stones from its project in that country to the US. This parcel contained 6 221 carats of rubies, of which... 

Gemfields rakes in $30.4m at latest auction

By: Megan van Wyngaardt     19th December 2016 Aim-listed miner Gemfields has achieved auction revenues of $30.4-million at its latest rough ruby auction from its 75%-owned Montepuez deposit, in Mozambique. Running between December 12 and 16, Gemfields sold 1.09-million carats from the 1.37-million carats on offer, translating to an average... 

Gemfields postpones emerald auction for Indian customers to adjust to new reforms

By: Natasha Odendaal     1st December 2016 Aim-listed Gemfields has postponed its emerald auction until February to allow its India-based customers time to adjust to that country’s newly implemented demonetisation programme, which removes high denomination banknotes from circulation. The two-month delay in auctioning the predominantly... 

Mustang recovers 460.4 ct of ‘high quality’ rubies at Moz prospect

By: Ilan Solomons     18th November 2016 ASX-listed junior miner Mustang Resources has recovered a total of 460.4 ct of “high-quality” rubies from its flagship Montepuez ruby project in Mozambique. Mustang MD Christiaan Jordaan notes that these rubies are the first recoveries from 2 683 t of initial material processed by the company’s... 

Gemfields’ drop in Kagem output offset by surge at Montepuez

By: Natasha Odendaal     1st November 2016 Aim-listed Gemfields on Tuesday reported a decline in emerald and beryl output from the Kagem emerald mine, in Zambia, while production of ruby and corundum from the Montepuez ruby mine, in Mozambique, surged dramatically during the first quarter of the year. In a quarterly market update to... 

Gemfields auction nets $11.1m

By: Creamer Media Reporter      30th September 2016 Aim-listed Gemfields’ latest auction of emerald and amethyst has netted revenue of $11.1-million. The auction, held in Jaipur, India, from September 26 to 29, included commercial-quality rough emerald extracted at Gemfields’ 75%-owned Kagem mine, in Zambia, and higher-quality amethyst mined by... 

Gemfields posts higher FY profits as production shines

By: Natasha Odendaal     26th September 2016 Significant operational progress at Aim-listed Gemfields’ 75%-owned mining assets in Zambia and Mozambique have translated into strong financial output in the year ended June 30. The gemstone miner on Monday posted a profit after tax of $23.5-million for the year under review, up 91% on the... 

Pallinghurst suffers H1 losses as market strains continue

By: Megan van Wyngaardt     21st September 2016 Diversified investment company Pallinghurst Resources on Wednesday reported another interim loss of $32-million for the six months ended June 30. This was, however, a significant improvement on the loss of $149-million incurred in the six months to June 30, 2015, owing to improved commodity... 

Precious and ornamental stones in the limelight in Moz, Angola

By: Keith Campbell     16th September 2016 Mozambican miner Montepuez Ruby Mining Limitada (MRM) has been recognised as the country’s second biggest exporter in the mining sector last year, and as the largest exporter from the northern province of Cabo Delgado, where its mine is located. These recognitions have been made by the Export... 

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