Fura Gems buys Emporium HS S.A.S. subsidiary

New gemstone mining and marketing company Fura Gems has entered into a share purchase agreement with Emporium HS S.A.S. for a majority stake interest in Esmeracol, the owner of the Coscuez emerald mine, it emerged on Monday.

Pursuant to the agreement, Fura agreed to purchase 76% of the issued and outstanding shares of Colombian mining company Esmeracol S.A., from Emporium, for a total consideration of $10.2m, leaving the latter holding a 21.71% interest with the balance held by other minority holders.

Dev Shetty, Fura's president and chief executive officer, said it was the company's intention to implement a significant investment programme.

"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."

The company also remained confident regarding the likelihood of closing the transaction.

"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."