Gemfields Acquires Two Emerald Projects in Colombia

Gemfields has acquired controlling interests in two emerald projects in Colombia, marking the company’s entry into South America.

Gemfields will purchase 70 percent of the first project, the historic Coscuez mine in the Boyacá state, for $15 million. The second project, which covers mining applications and contracts for 20,000 hectares (49,000 acres) in Boyacá and other states, is currently owned by two companies; Gemfields will purchase 75 and 70 percent shares of those companies for $7.5 million.

“Gemfields is delighted to announce its entry into Colombia, home to some of history’s most legendary emerald mines and a country with tremendous potential,” said Gemfields CEO Ian Harebottle. “The proposed acquisitions will require further work and additional exploration before any meaningful production commences, but they are clearly in line with our strategy of expanding Gemfields’ global footprint in a considered yet cautious fashion. The acquisitions offer exciting green- and brownfield growth opportunities over the medium to longer term.”

Gemfields is the 75 percent owner of the largest producing emerald mine in the world, the Kagem Emerald Mine in Zambia; the 75 percent owner of the Montepuez Ruby Mine in Mozambique; and the 50 percent owner of the Kariba Amethyst Mine in Zambia. It is the world’s largest producer of colored gemstones.