Fura Gems Buys Colom­bia’s Coscuez Emer­ald Mine

Solitaire - - SPECTRUM -

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.

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