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GEMFIELDS GROUP LIMITED - Completion of disposal of 50% interest in Kariba Minerals Limited

Release Date: 26/06/2019 17:05
Code(s): GML     PDF:  
 
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Completion of disposal of 50% interest in Kariba Minerals Limited

GEMFIELDS GROUP LIMITED
 (Incorporated in Guernsey)
(Guernsey registration Number: 47656)
(South African external company registration number 2009/012636/10)
Share code on the BSX: GML.BH ISIN: GG00BG0KTL52
Share code on the JSE: GML
("Gemfields" or the "Company")


Completion of disposal of 50% interest in Kariba Minerals Limited


On 10 December 2018, Gemfields announced that Gemfields Canada Inc. (a 100% subsidiary of Gemfields) had agreed
to sell its 50% stake in Kariba Minerals Ltd (“Kariba”), the Zambian amethyst mine, to ZCCM Investments Holdings plc
(“ZCCM”). That transaction was subject to assorted administrative steps and regulatory approvals, including from the
Zambian Competition and Consumer Protection Commission and the Zambian Ministry of Mines.

Under the terms of the transaction, Gemfields would receive USD 2.5 million in consideration for the disposal of its
shares and would discharge all outstanding sums owed by Kariba to the Company.

Gemfields’ decision to dispose of its stake in Kariba was driven by the Company’s strategy of focusing on emeralds
rubies and sapphires.

Gemfields confirms that the transaction has completed and that it has received net consideration USD 2.375 million
after deduction of the applicable property transfer taxes in Zambia.

Additional information on Gemfields

Gemfields is a world leading supplier of responsibly sourced coloured gemstones. Gemfields is the operator and 75%
owner of both the Kagem emerald mine in Zambia (believed to be the world’s single largest producing emerald mine)
and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the
world). In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting
licenses in Zambia, Mozambique, Ethiopia and Madagascar.

Gemfields’ outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage - enables
Gemfields to optimise positioning, perception and consumer awareness of coloured gemstones, advancing the wider
group’s “mine and market” vision.

Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a
consistent supply of coloured gemstones to downstream markets, a key component of Gemfields’ business model
and has played an important role in the growth of the global coloured gemstone sector.

Further information on Gemfields Group Limited can be found at www.gemfieldsgroup.com.

For any press enquiries please contact us on investor.relations@gemfields.com.

Guernsey
26 June 2019

Sponsor
Investec Bank Limited

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