Sponsored by the Las Vegas Antique Jewelry & Watch Show
Fura Gems to Start Mining Sapphires in Australia
The acquisition of Richland Resources’ Capricorn project in Queensland rounds out the “big three” gemstones for the miner.
Toronto—Fura Gems is rounding out the “big three” gemstones in its portfolio with the announcement of a sapphire mine acquisition deal.
The company announced Thursday it has entered into an option agreement with Richland Resources Ltd. to acquire its wholly owned subsidiary, Richland Corporate Ltd.
The subsidiary owns 100 percent of Capricorn Sapphire Pty Ltd., which in turn holds all licenses that comprise the Capricorn Sapphire project in Queensland, Australia. Capricorn comprises two mining permits (EPM 25973 and EPM 25978) and three mining licenses (ML 70419, ML 70447 and ML 70451).
Capricorn is already a producing mine, but Fura Gems CEO Dev Shetty said the company plans to more clearly delineate the deposit during the second half of this year, followed by a scale-up of operations in 2020.
Fura Gems already holds mining assets in Colombia, with the Coscuez emerald mine, and Mozambique, with its Montepuez ruby mining project.
The total purchase price of Capricorn for the miner includes various requirements, including CAD $150,000 (about $114,000) in cash paid to Richland as an option fee, CAD $25,000 (about $19,000) paid upon deal signing and the remaining CAD $125,000 (about $95,000) payable within seven days thereafter.
Fura also has to pay $185,000 in cash (almost $141,000) to Richland on closing.
The deal is subject to the approval of the Toronto TSX Venture Exchange.
Richland said in a statement that it has been engaged in talks for some time to either secure funds to restart production at Capricorn, halted in December 2017, or to conclude talks to sell the mine.
Successful completion of the deal will see the company become an AIM Rule 15 cash shell, referring to businesses with money on their balance sheet but no trading operations listed on the stock exchange.
The Latest
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.