Toronto–Fura Gems announced it has completed the acquisition of the famed Coscuez emerald mine in Colombia.
Fura paid $2.5 million to Emporium upon closing for a 76 percent stake in its subsidiary Esmeracol S.A., which owns the mining license for Coscuez.
Emporium will continue to hold a 20 percent stake. (Various other parties own the remaining 4 percent.)
Under the terms of the share purchase agreement, Fura has agreed to additional payments of $2 million on the 12-month anniversary of the closing, $2.50 million on the 24-month anniversary and $3 million on the 36-month anniversary.
Fura also will assume certain expenses of Esmeracol not exceeding $5 million.
The acquisition gives Fura a second major gemstone project, adding to its portfolio that also includes Mozambican rubies.
Covering an area of 46 hectares (almost 114 acres), Coscuez has been the source for some of the finest emeralds in the world.
It has been operated largely on a small-scale basis up to now, but Fura said it will modernize the mine, with the goal of ramping up production of emeralds within six months of the deal closing.
Fura told National Jeweler when the deal was first announced that its plan is to start selling rough within 18 to 24 months. The rough emeralds will be sold via organized platforms, mainly through auction.