Pallinghurst says an emerald mine it is developing in Ethiopia, Web Gemstone Mining (WGM), has been taken over by what it describes as a mob of between 300 and 500 people. Pallinghurst is in the process of renaming itself Gemfields, and its JSE sharecode will change to GML from PGL on July 11. "Two members of the WGM team suffered minor injuries at the hands of the mob and are expected to make full recoveries," Pallinghurst said on Monday morning. "Employees, contractors and service providers at the mine were safely evacuated to a town some two hours away by road." Pallinghurst owns 75% of the mine via its subsidiary Gemfields, which acquired it in February 2015. "While the motive of the mob remains unclear, it is believed that they may have been spurred by a faction seeking a portion of its licence," Pallinghurst said on Monday Pallinghurst’s share price fell 3.6% to R2.41 following the announcement. WGM holds an emerald exploration licence with a total concession area of 200km² wi...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now