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Gemfields in $15m emeralds takeover

By Robert | Tuesday 15 September 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 stone miner and auctioneer Gemfields (GEM) has agreed to acquire emerald projects in Colombia in a deal that will take the company across the Atlantic from its key African hunting grounds in Zambia and Mozambique to what entrepreneurial chief executive officer Ian Harebottle calls ‘the home of some of history’s most legendary emeralds’ in South America. The company, whose shares have risen from 35.75p when highlighted here in March last year to 62p after hitting 68.25p, is buying a 70% interest in the Coscuez emerald licences in the Colombian Department of Boyaca, near the Venezuelan border.


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