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Gemfields plans listing on London Stock Exchange market for small companies

Jan 17 2020 10:41
Lameez Omarjee

JSE-listed Gemstone producer Gemfields [JSE: GML] announced on Friday that it intends to list on the AIM market of the London Stock Exchange.

The miner, which was incorporated in Guernsey and is headquartered in London, has its primary listing on the JSE, and it has a secondary listing on the Bermuda stock exchange. The AIM is a market for smaller, growing companies.

The company does not intend to raise capital for its admission onto the LSE. In an update to shareholders it said it expects the admission to become effective on February 14. 

"We are pleased to announce our decision to bring the Gemfields assets back to the London market, thereby providing UK, European and International investors with the opportunity of being part of the growing precious coloured gemstones market," Sean Gilbertson, CEO of Gemfields said of the listing.

"The AIM listing will provide Gemfields with access to much greater market liquidity, as well as a widening of the current investor base. We are looking forward to this next phase in the company's development and to delivering value for all our shareholders," he added.

The group includes the Kagem emerald mine in Zambia, which is estimated to provide more than a fifth of the world's emeralds. Kagem produced the 'Inkalamu' or Lion Emerald, a 5 655-carat gem and was sold in November 2018. Its Montepuez ruby mine in Mozambique is estimated to provide about half of the world's rubies, using shallow, open-pit mining. Gemfields has a 75% controlling interest in both mines.

Gemfields also owns luxury jewellery brand, Fabergé.

gemfields  |  jse  |  lse  |  mining
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