Gemfields relists in London as stability returns to operations in Moz

GEMFIELDS says the goal of its AIM listing is to provide investors “with more expedient entry into the precious coloured gemstone market”. Reuters
JOHANNESBURG – JSE- and Bermuda-listed Gemfields said on Friday that 11 artisanal miners had died at its Montepuez Ruby Mining (MRM) in Mozambique as it returned to the London Stock Exchange’s AIM market following a two-year break.

Gemfields, which owns a 75percent stake in Montepuez, said on Friday that 800 artisanal miners had stormed past security and police in search of rubies.

“These artisanal miners were seeking ruby-bearing gravels and, despite repeated warnings from MRM personnel, commenced undercutting the outer edge of the mining pit. This led to several ground collapse incidents in which 11 artisanal miners died,” the company said.

Gemfields said that the mine was presently clear of artisanal miner, thanks to the greater presence of Mozambicans and that day-to-day operations remained unaffected.

“The company continues to work closely with Mozambican authorities to raise awareness among local communities of the dangers of artisanal mining and to assist in tackling ruby smuggling and reduce the risk to, and exploitation of, vulnerable groups by well-organised syndicates,” said Gemfields.

Source: iol.co.za