Business
URA purchases Historic Gravelotte Emerald Mine
URA purchases Historic Gravelotte Emerald Mine.
About this update from Gem Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8044F\n URA Holdings PLC\n 24 March 2022\n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n 24 March 2022\n URA Holdings plc\n (\"URA\" or the \"Company\")\n URA purchase Historic Gravelotte Emerald Mine, South Africa\n \n URA Holdings plc (LSE: URAH) is pleased to announce that it has signed a Share Purchase Agreement for the acquisition of G.E.M Venus Holdings (Proprietary) Limited (\"Gem Venus\"), the ultimate owner of the majority interest in the Gravelotte emerald mine (\"Gravelotte\") located in the Limpopo province of South Africa from Magnum Mining and Exploration Limited (\"Magnum\").\n \n \n Highlights\n \n \n · Gravelotte is historically one of the largest emerald mines in the world and was operational from 1929 to 2002 with:\n \n o Total recorded historical emerald production from Gravelotte of nearly 113 million carats\n \n o Largest emerald mine in the world during the 1960's employing over 400 emerald sorters alone\n \n · Magnum recently completed an extensive investigation into all aspects of the re-commencing of mining activities including conducting trial mining and processing testwork at Gravelotte\n \n · Magnum estimated a substantial remaining and available resource for Gravelotte\n \n · Much of the extensive mine site infrastructure has recently been refurbished and upgraded in preparation for recommencing operations\n \n · Gravelotte is considered ready for the development of staged mining operations and a medium-term production opportunity\n \n · \n Extremely favourable terms were negotiated as Magnum is solely focused on developing its iron ore project in the USA into production \n \n \n \n \n \n \n Ed Nealon, Chairman of URA commented:\n \n \"When the opportunity to secure the acquisition of the Gravelotte emerald mine recently presented itself, we immediately seized it. The acquisition fits in perfectly with our stated goal of identifying unique opportunities in the Southern African mineral sector and presents a near to medi...