Gemfields Exits Amethysts, Adds Gold

RAPAPORT... Gemfields has sold its 50% stake in a Zambian amethyst mine to enable it to focus on its core assets, it said Wednesday. The sale of the Kariba Minerals deposit to ZCCM InvestmentsHoldings for $2.5 million will allow Gemfields to concentrate on its emerald,ruby and sapphire operations, it explained. Meanwhile, the miner has also established a joint venturewith Mwiriti, its partner in the Montepuez Ruby Mining operation, for goldexploration in Mozambique, 20 kilometers from the ruby site. "Gemfields remains a companyfocused on emeralds, rubies and sapphires mined in Africa. However, given theirproximity, the relative ease of mobilization, our long-standing relationshipwith Mwiriti, and the mineralization observed onsite to date, we feel it isimportant to fully investigate the possible upside potential of these [gold] licenses," Gemfields CEO Sean Gilbertson said.  Image: Amethysts from the Kariba Minerals mine. (Gemfields)