New coloured gemstone producer Fura has entered into an agreement to acquire 76 percent of the Coscuez emerald mine in Colombia. The rights to the mine had originally been bought by Gemfields, but the company announced in May this year that it was withdrawing from the agreement because “not all of the conditions precedent to the existing share purchase agreement were able to be satisfied within the stipulated timeframe.”
Fura has now entered into an agreement with the same joint venture partner, Esmeracol SA to acquire the stake in the mine for $10.2 million, with $10 million in cash being paid in tranches over the next 36 months and $200,000 worth of Fura shares being acquired by Esmeracol.
Esmeracol owns a 100 percent interest in the mining licence for the Coscuez emerald mine. The mine is in the ‘Muzo formation’ in the Boyacá department of Colombia and covers an area of 46 hectares.
Fura CEO Dev Shetty commented, "Fura is delighted to announce the proposed acquisition of the renowned Coscuez Colombian emerald mine. With our vision to create an employee-friendly, sustainability-driven and community-centred enterprise, we are confident in our ability to close this transaction and build a sustainable, transparent and organised supply chain for these iconic Colombian emeralds."