Sourcing

Fura Gems to Start Mining Sapphires in Australia

SourcingJul 02, 2019

Fura Gems to Start Mining Sapphires in Australia

The acquisition of Richland Resources’ Capricorn project in Queensland rounds out the “big three” gemstones for the miner.

20190702_Richland-sapphire.jpg
Fura Gems has entered into an option agreement with Richland Resources to acquire its Capricorn sapphire mine in Queensland, Australia. Pictured here is a yellow sapphire from the area. (Photo credit: Richland Resources)

Toronto—Fura Gems is rounding out the “big three” gemstones in its portfolio with the announcement of a sapphire mine acquisition deal.

The company announced Thursday it has entered into an option agreement with Richland Resources Ltd. to acquire its wholly owned subsidiary, Richland Corporate Ltd.

The subsidiary owns 100 percent of Capricorn Sapphire Pty Ltd., which in turn holds all licenses that comprise the Capricorn Sapphire project in Queensland, Australia. Capricorn comprises two mining permits (EPM 25973 and EPM 25978) and three mining licenses (ML 70419, ML 70447 and ML 70451).

Capricorn is already a producing mine, but Fura Gems CEO Dev Shetty said the company plans to more clearly delineate the deposit during the second half of this year, followed by a scale-up of operations in 2020.

Fura Gems already holds mining assets in Colombia, with the Coscuez emerald mine, and Mozambique, with its Montepuez ruby mining project.

The total purchase price of Capricorn for the miner includes various requirements, including CAD $150,000 (about $114,000) in cash paid to Richland as an option fee, CAD $25,000 (about $19,000) paid upon deal signing and the remaining CAD $125,000 (about $95,000) payable within seven days thereafter.

Fura also has to pay $185,000 in cash (almost $141,000) to Richland on closing.

The deal is subject to the approval of the Toronto TSX Venture Exchange.

Richland said in a statement that it has been engaged in talks for some time to either secure funds to restart production at Capricorn, halted in December 2017, or to conclude talks to sell the mine.

Successful completion of the deal will see the company become an AIM Rule 15 cash shell, referring to businesses with money on their balance sheet but no trading operations listed on the stock exchange.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Robinson Pelham Fruits of Love Pear Earrings
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear Earrings

Take a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.

Three diamonds with diagrams
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education Conference

The one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.

Ella Sophie
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella Sophie

The California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

A pink gold Patek Philippe perpetual calendar chronograph Ref. 2499
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s

Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.

Weekly QuizJun 12, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Gabriel Love Foundation Logo
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias Gabriel

The foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.

Celine Assimon
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins Bonhams

Assimon is the auction house’s new chief commercial officer.

DCA-student-cert-NJ1872x1052-2.png
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry Business

When investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.

De Beers CEO Al Cook speaking at JCK Las Vegas 2025
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and Tariffs

The De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”

Pandora Las Vegas ribbon cutting ceremony
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American Flagship

The Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.

Tiffany Stevens
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board Leader

Industry veteran Anoop Mehta is the new chairman and independent director of the IGI board.

Lee Min Seo and Ianyan Jewelry
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused Award

The winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.

Gresham grasshopper ring
AuctionsJun 10, 2025
Noonans to Auction 16th-Century Signet Ring

It's one of the “Gresham grasshopper” rings English financier Sir Thomas Gresham was known to gift to acquaintances or business associates.

Mary Chiam
CollectionsJun 10, 2025
Tabayer Names Mary Chiam as CEO

The brand also debuted its new “Zorae” collection featuring a talisman of protection and harmony inspired by a sheaf of wheat.

Lauren Johansen
MajorsJun 10, 2025
Lauren Johansen Joins Loudr

As Loudr’s new account manager, Johansen will partner with clients to craft and execute marketing strategies.

Lunar Rain cat locket
Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are …

Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.

Nancy Astor tiara
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2M

The rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.

2025 National Jeweler Retailer Hall of Fame inductees
IndependentsJun 09, 2025
Here Are the 2025 Retailer Hall of Fame Inductees

This year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.

2025 CASE Award Submission Graphic
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025

The deadline to submit is June 16.

RDI Diamonds and Lavalier Personal Jewelry Insurance Logos
MajorsJun 09, 2025
RDI Diamonds Partners With Lavalier

The diamond wholesaler is working with the insurance provider to seamlessly offer personal jewelry insurance to RDI retailers’ clients.

Harwell Godfrey Granny Square Eleanor Necklace
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace

As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.

 Laura Gallon Joaillerie “Dynasty” ring, Bijules “Compass” bolo tie, Löf “The Orbitalis” ring
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design Atelier

Discover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.

Daymond John
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Vaishali Banerjee and Pallavi Sharma
MajorsJun 05, 2025
Platinum Guild International Updates Leadership Team

Two existing executives have been given new roles.

Meredith Tiderington
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship Recipient

Meredith Tiderington, an electrical engineering student, was selected for the award.

The Gemological Institute of America’s logo
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown Diamonds

It will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”

Exterior of the Venetian and the Las Vegas Sphere
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 Sessions

From design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy