Gemfields to gain colour gemstone exploration rights in Madagascar

Aim-listed Gemfields Resources, part of Brian Gilbertson’s Pallinghurst Resources, on Monday announced that it had exercised its option to acquire Oriental Mining, in Madagascar.

The company said in a statement to shareholders that Oriental Mining held the rights to 15 exploration licences covering emeralds, rubies, sapphires, tourmalines and garnets in the Antananarivo, Fianarantsoa and Toliara provinces.

Oriental Mining also held the right to five exploration licences that were pending approval from the Madagascan Ministry of Energy and Mines.

“This is an important step in expanding Gemfields' geographic footprint and gemstone portfolio,” commented Gemfields executive vice-chairperson Rajiv Gupta.

“Madagascar is recognised as one of the most exciting colour gemstone provinces in the world today, with several key discoveries having been made there during the past decade,” added Gemfields CEO Sean Gilbertson.

Pallinghurst Resources’ subsidiary, Rox, had granted Gemfields the option to acquire Oriental Mining in December 2007.

In August, Gemfields had opened a cutting and polishing facility in Jaipur, in India, in an effort to vertically integrate the gemstone supply chain.