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GRIZZLY MINING PROJECT USD $13 MILLION FROM EMERALD AUCTION

GRIZZLY Mining Limited says it projects to raise about USD $13 million from its emeralds auction sale held in Lusaka last week.

Speaking when Mines and Minerals Development Permanent Secretary Barnaby Mulenga toured the emerald auction stands on Thursday, Abdoul Ba, who is the Company Chief Executive Officer (CEO) said the company would raise between USD $12 and USD $13 million from the auction which attracted over 40 buyers to the sale at Intercontinental Hotel in Lusaka.

“We invited over 40 buyers and they have come. I can say this is a good sign for us. We project to raise about USD $12 to USD $13 million but we are not ye sure because the buyers are still examining the stones,” he said.

He said government should look at extending the visa duration for the buyers from the current one month to at least two months to enable them attend all the auctions in the country.

“Kagem hold their auction for four to five days. We also do the same number of days, so in a year, we hold the auction four times and tey end up finishing their days , so they are mostly restricted to come unless they also get permits,” he said.

Meanwhile, Mulenga said government had taken note of the concerns raised by buyers and would look into it working with the Immigration office and the Ministry of Home Affairs.

He said government was encouraging activities such as emeralds auctionas they had other offshoot that included that included support to the hotel industry.

“These kinds of auctions are welcome as they are happening in Zambia and as government we are really happy because it also adds a new dimension because beyond copper, people should know about emeralds and other precious minerals that are found in Zambia,” Mulenga said.

 


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GRIZZLY MINING emerald Kagem