Recognized mining company from the United Arab Emirates will invest US $100 million in Boyacá

Fura Gems Coscuez announced the modernization of the Coscuez mine, in Boyacá. These are the details.

The firm owns 76% of the mine and owns 100% of the emerald exploration, construction and extraction project.

The mining company Fura Gems Coscuez revealed on Tuesday that during the next 4 years it will make investments of 100 million dollars to modernize the processes of exploration and extraction of emeralds in the Coscuez mine in San Pablo de Borbur, located in the west of the department of Boyacá.

Fura Gems is a company dedicated to the extraction and marketing of precious stones. Based in the United Arab Emirates, Fura currently operates in Colombia, Mozambique and Australia, where it has production of emeralds, rubies and sapphires, respectively.

Sanjay Kumar, general director of Fura Gems Coscuez Colombia, said that “the investments are a demonstration of the company’s confidence in Colombia and in the project of modernization and sustainable industrialization of emerald production in the west of Boyacá.”

Kumar recalled that over the last two years the mining company has invested more than 60 million dollars in the operation of Coscuez S. A., of which he owns 76% and owns 100% of the emerald exploration, construction and extraction project.

“The resources have been destined to modernize the processes of extraction of emeralds in the mine, which has allowed to increase from seven to 509 the number of employees hired directly by the company, 80% local labor, and indirectly benefit, more than 20,000 people in the municipalities of San Pablo de Borbur and Otanche, thanks to the purchase of goods and services that exceed 3 million dollars each.

The director reported that this year the company increased its shareholding in Coscuez S. A., which will allow you to have control of the company and promote compliance with the obligations contained in the concession granted by the National Mining Agency (ANM).

In 2020, Fura Gems achieved with the ANM a 30-year extension to the concession for the extraction of Colombian emeralds, in an area of 46.9 hectares (46,965 square meters) and includes exclusive rights granted by the Government within the area known as the Coscuez Mine.

The mining company committed to adopting an international standard of sustainability in the production of emeralds by 2024 and to achieve the recategorization of the project from a medium-scale miner to a large-scale miner, which will allow the company to extract more than 100,000 tons.

“The royalty payable to the Government in relation to the concession is limited to 1.5% of the income of Coscuez S. A., and the amount of social investment has a ceiling of 1.5% of each year of the gross income of Coscuez S. A.,” the company said.

It should be noted that at the end of 2020, Fura Gems reached an agreement with the ANM to extend the period of the mine concession until October 2050. From Coscuez S.A. They assure that atleast they have the capacity to extract emeralds for more than 125 years.

The main destinations of Colombian emeralds, which are recognized worldwide for their high quality, are mainly countries on the Asian continent such as China, Japan, India and, of course, Europe and the United States. In addition, the country also has a fairly strong local market.