Gemfields plc acquired controlling interest in two emerald projects having entered into binding agreements. The projects have operations and prospects located predominantly in the Boyacá state in Colombia.

In the first of the agreements, which related to the Coscuez Emerald Mine, Boyacá Department, Colombia, Gemfields will acquire an indirect 70 percent interest in Coscuez NewCo after completion, reports add. Also, post completion, Gemfields will gain the mining contract no. 122-95M (the Coscuez Licence) currently held with Esmeracol S.A.

The total consideration payable for this first share purchase agreement is US$ 15 million.

The value payable under the second share purchase agreement is US$ 7.5 million, for mining applications and contracts in Boyacá and other states. Gemfields will purchase 75 and 70 percent shares of the two companies currently holding rights of mining licence applications and assigned concession contracts covering a total of around 20,000 hectares, reports say. With this, the company makes its entry into Colombia and South America.