Sunday, August 16, 2009

Pallinghurst aims at gemstones

Financial Times

Pallinghurst Resources, the private equity group headed by ex-BHP Billiton chief Brian Gilbertson, is to take control of Aim-listed Gemfields Resources as part of a plan to become a large producer of coloured gemstones.

Rox Limited, a company owned by Pallinghurst, has agreed to sell a 75 per cent stake in the Kagem emerald mine in Zambia to Gemfields and has also granted Gemfields an option to buy a portfolio of more than 25 gem exploration licences in Madagascar.

The deal will result in Pallinghurst owning 55 per cent of Gemfields, which has a market capitalisation of about £50m.

Sean Gilbertson, who is running Pallinghurst with his father, said the group planned to develop Gemfields as a major producer of coloured gemstones and would look at moving its listing from Aim to the Official List.

Pallinghurst was aiming to secure 20 per cent of the world emerald market before expanding into rubies and sapphires, said Mr Gilbertson, and the group would also cut, polish and market the gems.

By Rebecca Bream

Copyright The Financial Times Limited 2009
Pallinghurst Resources LimitedTel: +44 (0) 1481 726034 +44 (0) 1481 726034Fax: +44 (0) 1481 7121671 Le Marchant StreetSt Peter Port GY1 4HPChannel Islands(Incorporated in Guernsey)Registration Number: 47656Email:
INVESTOR RELATIONS:investor@pallinghurst.comJohannes van Niekerk
UNITED KINGDOMPallinghurst Advisors LLP Tel: +44 (0)20 7518-3399 +44 (0)20 7518-3399 Fax: +44 (0)20 7692-4732
54 Jermyn StreetLondonSW1Y 6LXUnited Kingdom
UK Partnership Number: OC315855VAT Registration Number: 877 4102 11FSA Firm Number: 446361
SOUTH AFRICAPallinghurst Advisors (Pty) Limited Tel: +27 (0)21 886 7294 +27 (0)21 886 7294Fax: +27 (0)21 886 7293
P O Box 12160Die BoordWestern Cape, 7613South Africa
Company Number: 2009/005781/07

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