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Pallinghurst delivers satisfactory FY17 performance

By: Natasha Odendaal     17th April 2018 Dual-listed Pallinghurst Resources has concluded what it called a “transformational year”, after successfully transitioning into an evergreen operating mining company during the year ended December 31, 2017. The group, which is listed on the JSE and the Bermuda Stock Exchange, on Tuesday posted... 

Gemfields faces lawsuit alleging rights abuses at ruby mine

By: Bloomberg     16th April 2018 More than 100 Mozambicans filed a case in London alleging “serious human rights abuses” at Gemfields’ ruby mine in the Southern African nation, according to their lawyers. Leigh Day, the London-based law company, alleged its clients suffered abuses at the hands of security forces at the Montepuez... 

Pallinghurst shifts focus to gemstones; Frandsen, Willis to manage Sedibelo interest

By: Marleny Arnoldi     20th March 2018 Its decreasing exposure to steelmaking materials, is prompting natural resources investment company Pallinghurst Resources to focus on coloured gemstones and the company plans to change its name to Gemfields Group, pending shareholder approval. 

Gemfields transparent, proactive in rebutting rights allegations

By: Martin Creamer     12th February 2018 Coloured gemstones company Gemfields has been transparently proactive in rebutting claims of human rights abuses in Mozambique, where it mines rubies. "We've voluntarily elected to issue this statement," Gemfields, headed by CEO Sean Gilbertson, commented in a release on Monday about UK-based law... 

Bacanora appoints CFO and new board member

By: Creamer Media Reporter      6th February 2018 London- and Canada-listed lithium company Bacanora Minerals has appointed former Gemfields finance chief Janet Boyce as its CFO with immediate effect. Boyce is replacing Derek Batorowski, who is stepping down to pursue other business interests. Batarowski will continue to serve as Bacanora... 

On-The-Air (26/01/2018) 

By: Martin Creamer     26th January 2018 A pioneering black industrialist has secured a R50-million non-repayable grant from the government for a nickel plant in North West; The private sector is taking a rare plunge into plant nutrient minerals that could see the creation of a new South African fertiliser champion; Strong calls are... 

Kropz eyeing first ore through phosphates plant this year

By: Martin Creamer     23rd January 2018 Explorer, developer and miner of plant nutrient minerals Kropz, which has invested $120-million in its 95% complete Western Cape processing facility, is finalising plant design and mulling capital raising to take the Elandsfonten phosphates project to the next level, Kropz CEO-designate Ian... 

Ian Harebottle appointed Kropz CEO

By: Anine Kilian     15th January 2018 South Africa-based plant nutrient company and miner of fertiliser feed materials Kropz has appointed Ian Harebottle as group CEO. Harebottle, who stepped down as CEO of Aim-listed Gemfields in July last year, will join Kropz on March 28, once his contract with the diamond miner has ended.   “I am... 

Fura closes in on Colombian emerald mine buy; to create single-stop Dubai-based gemstone shop

By: Henry Lazenby     13th January 2018 Canadian gemstone-focused miner Fura Gems is setting up a single-stop destination in Dubai, where rubies and emeralds produced from its Mozambique and Colombian assets will be graded and sold at the Almas Tower. “The Almas Tower is arguably one of the most secure spaces in the world, from where... 

Pallinghurst targets London, okays share buyback, halves executive pay

By: Martin Creamer     7th December 2017 Diversified mining and marketing company Pallinghurst, which has moved fast to stabilise the now-integrated coloured gemstone acquisition, is initiating a listing on the main board of the London Stock Exchange, going ahead immediately with a share buyback programme and benefitting from executive... 

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’... 

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... 

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 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... 

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. 

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... 

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... 

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... 

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. 

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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