Saracen it looks like this is going bust.
6p now. |
As a note - 74.38% of Gemfields shares are held by just 7 share holders with Assore holding 29.17%, Rational Expectations (Pty) 13.40% and Ophorst Van Marwijk Kooy Vermogensbeheer N.V. 9.79%. |
The Zambian woes have been mounting for Gemfields. Last month, the company said a claim had been filed against Kagem by rival miner, Grizzly Mining Limited, its sister company Pridegems Mines Limited, and proprietor Abdoulaye Ndiaye.
The claim related to “alleged unlawful occupation” by Kagem of an area known as Kamakanga House as well as “conspiracy to injure business reputation” and goodwill.
Gemfields and Kagem said these claims were entirely without merit.
“Kagem, which had previously filed its own claim in Zambia against Grizzly, Pridegems and others in mid-November 2024 in relation to another area known as the BISMA licence, is in the process of preparing a robust defence in conjunction with its legal advisers.” |
London-listed Gemfields has been blindsided by the imposition of a double-digit tax on the export of gemstones from Zambia.
This marks another blow to Gemfields after the miner warned investors on Christmas Eve that its operations had become the target of violent protests in Mozambique.
Growing instability in Mozambique is likely to put further pressure on the company to find ways to save money, which could include the sale of the iconic Faberge brand. |
Saracen will be getting all his Aussie clients to buy in here , he has the Midas touch you know 😂🤣😭📉 |
Gemfields tried to sell Faberge a few years ago and got no serious interest. The Russians are since blocked by sanctions which makes a sale even more unlikely. |
Faberge brand alone must be worth more than the current market cap? Thoughts saracen? |
Only solace is no placing announced |
I am full of the flu and your last post made me chuckle so much it was a welcome relief😁. A thumbs up 👍🏻 and seasons greetings! 🤣🤣🤣 |
Saracen will be getting all his Aussie clients to buy in here , he has the Midas touch you know |
saracen looks like almost everyone has sold out. Placing must be coming or it is going into liquidation. Stupid management not even buying here - wasted all that cash on capex. |
Wow down to 7p on high volume. |
Panmure Liberum note 20p target.
Huge recovery forecast for next and following years thanks to new ruby wash plant
trebling production and a return to better grades.
Patience required but upside much greater than the downside.
Chinese recovery will boost demand again when consumer optimism picks up. |
So what do people make of the legal case?
Almost back to Covid lows... |
It's a diabolical share price and where are the director/CEO/Chairman buys? |
Ruby auction result on Thursday. Trouble in Mozambique may push stone buyers to be keen to ensure supplies. With new wash plant coming on stream in June, demand for rubies is most important. |
Investor presentation has only tanked the share price even more! |
Saw that. Old news now. |
 Doesn't look like the best jurisdiction in the world for a ruby mine and mill. Shooting at the locals to bring order, good luck! ? 21st October 2024By: BloombergAbout 300 people invaded a pit at the Montepuez ruby mine owned by Gemfields Group in northeastern Mozambique on Sunday, CEO Sean Gilbertson said that two people were shot by policeA crowd estimated at 500 gathered at a local village later in the evening intending to enter the mine, Gilbertson said by text message. A disinformation campaign circulated earlier that the company "opened its mine for mining by anyone" for 24 hours, he said."This campaign is fake" and was promoted by ruby smuggling syndicates, the company said in a statement. "Two people suffered firearm injuries when police responded to escalating aggression."The operation supplies about half the world's rubies, according to the company's website.Political tensions have been high in Mozambique since the Oct. 9 general election. Multiple observer organizations have raised questions over the credibility of the nation's election process.Opposition leader Venâncio Mondlane, 50, called for street protests on Monday after his legal adviser, Elvino Dias, was gunned down by unknown gunmen |
Almost back to Covid lows.
Hope you're giving the board hell saracen.
No director buys either. |
At the interims the board were saying how low the share price was at 13-14p and trading well below NAV, well what about now? |
Assore hold 29.2%
What do they make of this..? |
I remember. It was about 18-19p actually. Board's decision to waste their cash hoard on 'growth' has halved the share price! Well done bar stewards. |
Saracen Remember just over a year ago when Gem was twice Greatland Gold at 15p. You bet me Gem would double to 30p and Greatland was a waste of money. I will remind you again when the Greatland price passes GEM Saracen in the next few weeks. |
Read the statement another company is causing the disruption in the short term. |
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