Gemfields site in Ethiopia is invaded, ransacked and emeralds stolen
Its shares fell hard on the news; in June it saw 500 people invade its site, hurting two staff members and forcing an evacuation
Shares of Gemfields fell hard on the JSE after it told investors of an invasion of its exploration tenement in Ethiopia and the theft of emeralds from a safe, as well as the ransacking and looting of its site, with police powerless to help. It is the second incident in the space of a month. Gemfields, which operates emerald and ruby mines in Zambia and Mozambique, respectively, said there was an invasion of its exploration site in Ethiopia on Tuesday, with a safe kept inside a shipping container broken open and the gems inside stolen. "Gemfields has also been advised that the site has seen a significant influx of firearm-bearing illegal miners and handlers," the company said. Its shares fell in thin trade by 8% to R2.30, giving the company a market capitalisation of R3.3bn. Gemfields did not give a value of the gems taken from its 75%-owned Web Gemstone Mining, which is the company working in southern Ethiopia exploring for gems, including emeralds and sapphires. Gemfields told the ...
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