Gemfields begins sale process for holding in Ivy Lane

Gemfields Group has begun a sale process for its 23.65% equity holding in Pallinghurst Ivy Lane Capital, a company incorporated in Luxembourg, it announced on Friday.

The AIM-traded firm said Ivy Lane in turn owns 27.64% of Sedibelo Platinum Mines (SPM), giving Gemfields an effective and indirect interest in SPM of about 6.54%.

As it had previously announced, SPM was not considered a core part of Gemfields' strategy.

“SPM is a public company incorporated in Guernsey, and owns and operates the Pilanesberg Platinum Mines located in South Africa's Bushveld Igneous Complex,” the Gemfields board explained in its statement.

“In its financial year ending 31 December 2019, SPM dispatched and sold approximately 127,000 ounces comprising platinum, palladium, rhodium and gold, and generated EBITDA of approximately $13m.”

Financial details of the sale process were not disclosed.