Coloured gemstone producer Fura Gems Inc. announced the maiden mineral resource estimate for the Coscuez emerald mine in Colombia, in which it holds a 76 percent stake. The estimate infers 3 million tonnes of mineral resources at an average 2 carats per tonne, translating into an estimated 6 million carats of emeralds in the mine. Productive mine life is projected to be 30 years.
At a conservative estimate of $200 per carat, the mine could potentially generate upwards of $1.2 billion over its estimated productive life.
The mineral estimate was prepared by independent group Watts, Griffis and McOuat Limited (WGM) and entailed:
- The mapping of more than 20 km of existing underground tunnels.
- The completion of more than 1,600 metres of core drilling.
- The recovery of nearly 16,000 carats of emeralds from bulk sampling activities.
Fura President and CEO Dev Shetty commented, “We have today published our maiden mineral resource estimate at Coscuez, which is a first for the Colombian emerald sector. Pleasingly, this estimate comes less than a year since acquiring this mine. These results highlight the opportunity we have here, at a mine that has previously produced some of the finest emeralds in the world.”
He added, “WGM has estimated a price of $200 per carat, which is significantly higher than the average prices achieved by Zambia’s emerald producers. We look forward to upgrading the resource estimate to a higher category in the upcoming year. I would like to thank all of the Fura employees for their constant hard work, the community, local partners and the government of Colombia for their consistent support.”