TanzaniteOne Ltd. purchases Lemshuku-Shamberai tsavorite

TanzaniteOne Ltd. announced that it has purchased the Lemshuku-Shamberai tsavorite project in northern Tanzania, from Kirkwood Resources and Green Hill Mining. The purchase worth $12.19 million (£5.95 million), was made through TanzaniteOne’s 75%-owned Tanzanian subsidiary, TsavoriteOne. The payment was made through 7.45 million shares in TanzaniteOne and $350,000 cash.

The tsavorite project potentially is the world's largest single-source of tsavorite – a brilliant green gemstone variety of grossular garnet named by Tiffany & Co. after the 'Tsavo National Park' in Kenya. It is spread over 100 sq km, consisting of 12 prospecting licenses.

“As we look to grow and widen the company's position as a producer of premium coloured gems, it is only natural that we apply our experience, knowledge and relationships to other gems,” said TanzaniteOne chief executive Ian Harebottle. Tsavorite enjoys a current quality-for-quality price per carat of between two to four times that of tanzanite, the company said.