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Gemfields Announces New Leadership

Gemfields Announces New Leadership

As of 1 July 2024, Gemfields will implement significant changes to its Board of Directors, with the appointment of Bruce Cleaver as the new Chairman and independent non-executive director. Cleaver, former CEO and co-chairman of the De Beers Group, will bring his vast experience in the mining and commercialisation of gems, and will also take on the leadership of the Nomination Committee, as detailed in a company statement.

According to the official note, current chairman Martin Tolcher will step down after 15 years on the board, including almost five years as chairman, in a move designed to strengthen the body’s independence. ‘Martin Tolcher has expressed full confidence in Mr Cleaver’s ability to guide the company into the future,’ reads the document.

In addition to Bruce Cleaver, Simon Scott will be appointed as an independent non-executive director, serving on the Audit and Nomination Committees, as well as chairing the Risk Board. ‘With a distinguished career on public company boards and experience as CFO of Lonmin plc, Scott currently serves as a non-executive director of First Quantum Minerals Ltd and Sylvania Platinum Ltd,’ the note adds.

The document also highlights that Kieran Daly will be promoted to non-executive director, having already served as an alternate director at Gemfields and held leadership positions at Assore International Holdings, which holds a significant stake in Gemfields Group Limited.

In addition, Kwape Mmela, current independent non-executive director and chairman of the Remuneration Committee, will be promoted to lead independent non-executive director and will join the Audit Committee from the same date, according to the statement.

Gemfields is the main shareholder in Montepuez Ruby Mining (MRM), in Mozambique, and Kagem, in Zambia, and is one of the world leaders in the mining and marketing of coloured gems. The company has a strong presence in Mozambique through its ruby mine in Montepuez, Cabo Delgado, a province considered to have one of the largest ruby deposits in the world. Gemfields owns 75 per cent of Montepuez Ruby Mining Limitada (MRM), while Mozambican company Mwiriti Limitada owns the remaining 25 per cent. “Since 2012, the company has invested in modern infrastructure and the development of local communities, employing around 1,400 people, 95 per cent of whom are Mozambican. The rubies extracted are auctioned off, with the profits repatriated to Mozambique and all royalties paid to the government, positively impacting the region’s economy and sustainability,’ reads the statement.

Also according to the statement, Gemfields plans to build a new processing plant at the Montepuez mine, which will triple production capacity by the first half of 2025. ‘This initiative signals a continued commitment to growth and sustainable development,’ says the company.

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In 2023, Gemfields paid 35 per cent of its revenues into the coffers of the Mozambican state. That year, MRM collected revenues of 9.8 billion meticals (151.3 million dollars), reaffirming its crucial role in Mozambique’s economic development.


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