Colored Gemstone Producer Gemfields Resources plc has exercised its option to acquire the entire issued share capital of Oriental Mining s.a.r.l., of Madagascar.
London-based Gemfields was granted the option by Rox Ltd. based on an agreement between Gemfields and Rox in December, 2007.
Oriental has the rights to fifteen exploration licenses covering emeralds, rubies, sapphires, tourmalines, and garnets in the Antananarivo, Fianarantsoa, and Toliara provinces of the island African nation. In addition, Oriental has the right to five exploration licenses that are pending approval from the Madagascan Ministry of Energy and Mines.
“This is an important step in expanding Gemfields’ geographic footprint and gemstone portfolio,” said Rajiv Gupta, founder and executive vice chairman of Gemfields.
Sean Gilbertson, Gemfields chief executive officer, added: “Madagascar is recognized as one of the most exciting color gemstone provinces in the world today, with several key discoveries having been made there during the last decade. Madagascar recently made world headlines after the disputed export of an exceedingly rare 536 kilogram emerald specimen, which was on display at the BaoQu Tang Modern Art Gallery in Hong Kong.”