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Gemfields sells Jupiter shareholding for $31m

15th April 2019

By: Marleny Arnoldi

Online News Editor

     

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JSE- and BSX-listed Gemfields’ subsidiary, Pallinghurst Consolidated, will sell the 145-million shares it holds in ASX-listed Jupiter Mining to AMCI Euro Holdings for A$44-million, or $31-million.

Gemfields stated on Monday that the transaction was consistent with the board’s strategy for the company to be focused on African coloured gemstones.

Gemfields CEO Sean Gilbertson said the sale of the Jupiter shares also enabled the directors to realise their ambition of paying a maiden distribution to shareholders.

As a result of the transaction, a special dividend of about $24-million will be paid to Gemfields shareholders, representing a distribution of $0.0175 apiece.

The company will declare the special dividend formally in June, together with a dividend timetable.

Jupiter has a 49.9% beneficial interest in Tshipi é Ntle Manganese Mining, which owns and operates the Tshipi Borwa mine in South Africa.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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