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One of South Africa’s wealthiest men has accumulated a 12.7% stake in Gemfields, Fabergé jewelry brand To the highest level in more than 3 years.
The investment by billionaire businessman Desmond Sacco, who owns the mining company Assore, begins after a tough year for Gemfields, which operates the world’s largest emerald and ruby mines in Zambia and Mozambique, respectively.
Gemfields, listed on London and Johannesburg, reported last week Return to profit The first six months of 2021 against the backdrop of rising rubies and emerald prices and demand.
Shawn Gilbertson, CEO of Gemfields, said he spoke with Sacco’s son Patrick.
“They seem to have some ambitions to expand internationally,” Gilbertson said. “They are a keen and well-known mining industry and we look forward to building good relationships.”
Assore declined to comment. According to Forbes, Sacco’s net worth in 2018 was about $ 1.1 billion.
After working for the Johannesburg Stock Exchange for 70 years, the Sacco family closed Asole last year. The company’s main asset is Assmang, a manganese mining business jointly owned with African Rainbow Minerals. He is also interested in chrome and holds a 25% stake in the lithium company Ironridge.
“If they [Assore] Yuen Rowe, an analyst at Liberamu, a London-based brokerage firm, said: “They have to see value in Gemfield.” The company’s current market value is $ 233 million.
Assore began...
Read Full Story: https://californianewstimes.com/faberge-owner-gemfields-draws-interest-from-south-african-billionaire/537486/
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