Fura Gems extends Mozambique ruby asset merger with New Energy Minerals by one more month

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Fura Gems extends Mozambique ruby asset merger with New Energy Minerals by one more month

4:30 CAT | 30 Aug 2019

The long-awaited agreement was originally dated July 14, 2018

Fura Gems Inc (CVE:FURA)(OTCMKTS:FUGMF), a gemstone miner with ruby and emerald operations, announced Friday that it has again extended the deadline for its purchase of three ruby assets in Mozambique.

The company said it provided notice to New Energy Minerals Ltd, which owns the ruby licenses, that it would push back the so-called ‘drop dead’ date of the Merger of Ruby Assets Agreement from August 31 to September 30.

The deal will see Fura purchase a 75% stake in Montepuez Minerals Pty Ltd — which itself owns a majority interest in a ruby license and a ruby concession — and an 80% stake in a mining concession under a joint venture agreement.

READ: Fura Gems agrees amended terms for ruby prospecting license acquisition in Mozambique
The long-awaited agreement was originally dated July 14, 2018. It remains subject to approval from the TSX Venture Exchange.

Fura is involved in the exploration and mining of rubies in Mozambique through its 80% interest in four ruby licenses. It is also engaged in the exploration of resources in Colombia where it owns a 76% interest in the Coscuez Emerald Mine in Boyacá.

Source: Proactive Investors