MAnganese and iron-ore company Assore has increased its shareholding in emerald and ruby miner Gemfields to 12.74%.
The privately-held company last week bought an additional 90 533 595 shares of Gemfields, taking its holding to 147 947 454 shares.
“Online share price services, including Sharenet, reported two offmarket block trades totalling 90 113 595 shares at a price of R3.20 a share on September 17,” Gemfields said in a disclosure statement on Wednesday.
The transaction was done at a 29.5% premium to Gemfields closing price of R2.47 a share on September 17.
At R3.20 a share, Assore paid about R289-million for its additional holding, taking its total investment in the gemfields miner to about R477-million.
The company closed at R2.80 a share on Wednesday.
Gemfields is the operator and 75%-owner of both the Kagem emerald mine, in Zambia – believed to be the world’s single biggest producing emerald mine – and the Montepuez ruby mine in Mozambique – one of the most significant recently discovered ruby deposits in the world.
Assore’s principal investment is a 50% interest in Assmang, which it controls jointly with African Rainbow Minerals. Assmang is involved in the mining of iron, manganese and chrome ores.
Assore delisting from the JSE in May last year.
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