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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gemfields Group Limited | LSE:GEM | London | Ordinary Share | GG00BG0KTL52 | ORD USD0.00001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30 | 5.61% | 5.65 | 5.50 | 5.80 | 5.65 | 5.35 | 5.35 | 172,049 | 15:12:51 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 262.02M | -10.09M | -0.0083 | -6.81 | 65.43M |
Hot Features
Premium
8 November 2007
Gemfields Resources plc
(`Gemfields')
Management contract awarded at the Kagem Mine, Zambia
Gemfields Resources plc (AIM: GEM), the AIM-listed Zambian gemstone mining and
exploration company, today announces that it has been awarded a management
contract with Hagura Mining Ltd ("Hagura") to manage and operate the Kagem
Emerald Mine which is situated in the Ndola Rural Emerald Restricted Area of
Zambia ("NRERA").
The Kagem mine is Africa's largest emerald mine, having produced more than 25
million carats of emeralds in the past five years and is located 15km by road
and less than 1km along the strike from the Company's Mbuva-Chibolele mine,
which is one of two producing mines in the Company's portfolio.
The agreement with Hagura, which owns a 75% interest in Kagem, along with 25%
held by the Government of the Republic of Zambia, is to provide all day to day
management and operational skills including the provision of personnel and
equipment.
Commenting today, Rajiv Gupta, Executive Vice-Chairman of Gemfields said:
"Gemfields is delighted to have signed this management agreement as it
signifies a vote of confidence in the management and operational teams we have
built. Our primary focus remains on operating and consolidating various
gemstone mines in Zambia, where we currently own 100% of two mines
(Mbuva-Chibolele and Kamakanga) and some 60% of the prospective strike lengths
of host rock for emerald bearing pegmatites in the NRERA".
A spokesperson for Hagura Mining Ltd commented: "Gemfields has developed
tremendous emerald exploration and mining techniques which place them in an
ideal position to assist in the development of Kagem".
For more information:
Gemfields
Peter Kitchen, CEO peter.kitchen@gemfields.co.uk
Richard James, CFO richard.james@gemfields.co.uk
+44 (0)20 7016 9416
Conduit PR
Leesa Peters/Arabella Hobbs +44 (0)20 7429 6600
+44 (0)781 215 9885
Canaccord Adams Limited
Robin Birchall/Ryan Gaffney +44 (0)20 7050 6500
END
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