By Robert Tyerman | Wednesday 29 July 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Coloured gemstone producer and marketer Gemfields (GEM) says a maiden formal resource estimate of 467 million carats of rubies and corundum for its Montepuez ruby mine in Mozambique provides ‘further evidence of the continued growth momentum and opportunities within the coloured gemstone sector.’ The AIM-quoted company says ubiquitous consultant SRK’s ‘competent person’s report’ suggested an average grade of 62.3 carats per tonne of rock for the resource, estimated to the mining industry’s Joint Ore Reserve Committee standard, and indicated a probable reserve of 452 million carats with 15.7 carats a tonne.
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