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”).
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.”