11 Dec 2018
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Fura Gems Inc. announces acquisition of iconic Colombian Emerald Mine, Coscuez
The Coscuez Emerald Mine is in the “Muzo formation” in Boyacá department, Colombia and covers an area of 46 hectares
By: Diamond World News Service
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Oct 31 2017 12:27PM
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Reference: 15760  

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Fura Gems Inc., a gemstone mining and marketing company, has entered into a share purchase agreement (the “Share Purchase Agreement”) with Emporium HS S.A.S. (“Emporium”) by which Fura has agreed to purchase 76 per cent of the issued and outstanding shares of Esmeracol S.A. (“Esmeracol”) from Emporium (the “Transaction”).

Key Highlights

  • Fura to acquire76.00 per cent interest in Esmeracol for total consideration of US$10.2million from Emporium;
  • Emporium will continue to hold a 21.71 per cent interest in Esmeracol with the balance of2.29 per cent held by other minority holders;
  • Esmeracol owns a 100 per cent interest in the mining licence no.122 – 95M (the “Coscuez Emerald Mine”or “Coscuez Licence”);
  • The Coscuez Emerald Mine is in the “Muzo formation” in Boyacá department, Colombia and covers an area of 46 hectares; and,
  • The Coscuez Emerald Mine has been the source for some of the finest emeralds in the world for over 400 years but to date has been operated on a small-scale basis. Fura will modernise the Coscuez Mine with an objective of ramp up the production of emeralds within six months of completion of the transaction.

Dev Shetty, Fura’s President and Chief Executive Officer, commented:

“Fura is delighted to announce the proposed acquisition of the renowned Colombian emerald mine, Coscuez, which has been the source for some of the finest emerald pieces in the world. With the mine, currently in operation on a small-scale basis, Fura with its experienced management team intends to implement a significant investment programme. The programme will see best practice mining methods adopted as well as improving the geological knowledge to gradually modernise the underground mine. Fura will also set-up a marketing platform to promote Colombian emeralds globally.”

“With our vision to create an employee friendly, sustainability-driven and community-centered enterprise, we remain confident in our ability to close this transaction and build a sustainable, transparent and organized supply chain for these iconic Colombian emeralds.”

“We are excited with the opportunity provided to work in the world’s largest emerald producing country in value and we look forward working with our partners, local communities, the Government of Colombia and other stakeholders, to organize and transform the sector.” 

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