In September 2015, Gemfields has entered into binding agreements to acquire controlling interests in two emerald projects with operations and prospects located predominantly in the Boyacá state in Colombia.

The Coscuez Emerald Mine, Boyacá Department, Colombia

Under the terms of this agreement, Esmeracol S.A. will transfer the Coscuez Licence to a newly incorporated Colombian company (“Coscuez NewCo”) and Gemfields will, at completion, acquire an indirect 70% interest in Coscuez NewCo.

The Coscuez Licence includes exclusive rights for the exploration, construction and mining of emerald deposits granted by the Government of the Republic of Colombia within the area historically known as the ‘Coscuez mine’ in the municipality of San Pablo de Borbur, Department of Boyacá.

Located on the “Muzo formation”, the Coscuez Licence covers an area of 47 hectares, with the Coscuez mine – one of history’s more significant emerald mines - having been in operation for over 25 years and known to have produced some of Colombia’s finest emeralds.