Emeralds recovered from the Curlew mine
London-listed URA holdings, which owns and operates the Gravelotte emerald mine in Limpopo, South Africa, has acquired a majority interest in Prasinus Exploration, the owner of the Curlew emerald mine, in the Pilbara region of Western Australia.
URA has acquired a 65% interest in Prasinus for A$450 000, or about £237 000, and has the option to acquire the remaining 35% interest for a further A$300 000, or £158 000, in URA shares after an initial 12-month period expiring on October 18, 2025.
"We are thrilled to add a controlling interest in the Curlew mine to our mining portfolio. The acquisition not only solidifies our presence in the emerald mining industry, but also aligns with our strategy to invest in high-potential projects with strong growth prospects.
"The Curlew mine's history, and recent production success, are testaments to its significant potential. The mine has substantial potential to be scaled-up and expanded and, bearing in mind its capacity to produce larger, high-quality stones, it complements our existing emerald mining activities at Gravelotte," comments URA chairperson Ed Nealon.
He points out that the Curlew mine has existing infrastructure, machinery and equipment in place to enable a rapid restart of mining.
To fund the acquisition and provide for working capital, URA has placed 26.56-million shares with existing institutional investors at a price of 1.6p apiece, raising £425 000, before expenses.