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Gemfields Announces New Chair and Directors

Gemfields, the prominent mining company holding a 75% stake in the Kagem emerald mine in Lufwanyama, Zambia, has announced significant changes to its Board of Directors. The new appointments, effective 1 July 2024, follow an extensive search for a new Chair and Non-Executive Directors.

Bruce Cleaver will join Gemfields’ Board as Chair and Independent Non-Executive Director. Cleaver, renowned for his leadership and extensive experience in mining gemstones in Africa and marketing them globally, previously served as Chief Executive Officer and Co-Chair of De Beers Group. Cleaver will also chair the Nomination Committee.

Martin Tolcher, the outgoing Chair, reflected on his 15-year tenure with Gemfields, nearly five of which he served as Chair. “The time has come for me to step away to bolster Board independence. I am delighted to have such a remarkable successor in Bruce and am confident that Gemfields will thrive under his stewardship,” Tolcher stated.

Cleaver expressed gratitude for Tolcher’s contributions and conveyed his enthusiasm for joining Gemfields. He remarked, “Gemfields has transformed the gemstone industry with responsible and transparent supply. I am excited to work with the team as we prepare the Company for its next growth stage, including the construction of a new processing plant at MRM, set to triple throughput capacity by early 2025.”

Additionally, Simon Scott will join as an Independent Non-Executive Director, participating in the Audit and Nomination Committees and chairing the Risk Council. 

Scott brings extensive experience from his roles on public company boards in mining and finance, previously serving as Chief Financial Officer of Lonmin plc and currently a non-executive director of First Quantum Minerals Ltd and Sylvania Platinum Ltd.

Kieran Daly will join as a Non-Executive Director. Daly, currently an alternate director on the Gemfields Board, is Managing Director of Assore International Holdings and Executive: Growth & Strategic Development at Assore Holdings. 

He holds significant mining experience across various geographies and commodities and board-level roles in other mining companies.

Resigning from the Board effective 1 July 2024 are Martin Tolcher, Lumkile Mondi, and Carel Malan. Tolcher and Mondi had announced their final terms in office in the 2023 AGM Notice, ensuring a smooth transition. Malan steps down to focus on his permanent role at Ore & Metal Company Ltd.

The company will formally thank Tolcher, Mondi, and Malan for their invaluable contributions at the upcoming AGM on 25 June 2024.

Other Board changes include Kwape Mmela, who will become Lead Independent Non-Executive Director and join the Audit Committee. Mmela currently serves as an Independent Non-Executive Director, Chair of the Remuneration Committee, and a member of the Nomination Committee.

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