Fura Gems formerly known as Fura Emeralds has acquired a stake in Cobadale Ltd, which has majority interests in four ruby licences in Montepuez.
Once the deal is sealed, Fura will hold an 80% effective interest in the assets with the remaining 20% interest, non-dilutive and free carry, being held by the respective local partners.
Fura will purchase from the shareholders of Cobadale all of the issued and outstanding shares of Cobadale.
Fura Emeralds, has appointed Debananda Tripathy as project manager for its new ruby operations acquisition
With more than 20 years of experience in exploration geology, with more than eight years on the African continent, mainly in Mozambique, Tripathy will be responsible for the overall running of the operations including exploration, bulk sampling and bringing the project to the mining phase.
“We are delighted to announce Fura’s expansion into the ruby sector in Mozambique. Having previously had the opportunity and experience of exploring and developing potentially the world’s single largest ruby deposit in the Montepuez District of Mozambique, I am excited about the potential impact that securing assets in the same region will have on the company,” said Fura’s President and Chief Executive Office Dev Shetty.
Meanwhile the initial finding from artisanal pits shows the occurrence of both primary and secondary mineralisation consisting of both higher and lower quality rubies of the The assets cover approximately 394.24sqkm.