Fura Gems Buys Colombia’s Coscuez Emerald Mine
Toronto-based gemstone mining firm Fura Gems Inc. entered into a share purchase agreement with Emporium HS S.A.S. by which Fura has agreed to purchase 76% of the issued and outstanding shares of Esmeracol S.A. from Emporium for $10.2 million.
Emporium will continue to hold a 21.71% interest in Esmeracol with the balance of 2.29% held by other minority holders. Esmeracol owns a 100% interest in the mining licence no. 122 – 95M for the Coscuez emerald mine.
The Coscuez emerald mine is in the Muzo formation in Boyacá department, Colombia and covers an area of 46 hectares. It has been the source for some of the finest emeralds in the world for over 400 years, but to date has been operated on a small-scale basis.
Fura will modernise the Coscuez mine with an objective of ramping up the production of emeralds within six months of completion of the transaction.
Dev Shetty, Fura’s president and chief executive officer, said: “With the mine, currently in operation on a smallscale basis, Fura with its experienced management team, intends to implement a significant investment programme. The programme will see best practice mining methods adopted as well as improving the geological knowledge to gradually modernise the underground mine. Fura will also set up a marketing platform to promote Colombian emeralds globally.”
“With our vision to create an employee friendly, sustainability-driven and community-centred enterprise, we remain confident in our ability to close this transaction and build a sustainable, transparent and organised supply chain for these iconic Colombian emeralds.”
Dev Shetty, president and CEO, Fura Gems.