AFGEM to Dispose of Tanzanite Mine?

African Gem Resources Limited (AFGEM), a gem-mining company based in the Republic of South Africa, announced to its stockholders that it's selling off all assets of the tanzanite mine in the Merelani Hills of Tanzania and refocusing efforts to purchase shares in diamond-mining operations. In a "cautionary announcement" made Jan. 21, shareholders were advised that "the disposal of AFGEM's tanzanite business is ongoing." On April 21, Mark Summers, group financial director for AFGEM, said it's "still in the process of finalizing the sale documentation and circular to shareholders and will hopefully be in a position to make an announcement on the disposal soon." "Disposal is merely a technical word," says Ian Harebottle, operations and managing director of Merelani Mining Limited and director of AFGEM's Tanzanian operations. "We're actually cloning the business." According to Leanne Go

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