Richland Resources Closes Tanzanite Experience Retail Operations

(IDEX Online News) – Gemstone producer Richland Resources Ltd has further reduced its operations in Tanzania with the closure of its Tanzanite Experience retail operations in the country.

The company is now focusing on the redevelopment of the Capricorn Sapphire mine in Queensland, Australia, which is due to be commissioned during the first quarter of this year.  

Richland announced last November that it was selling its tanzanite and tsavorite mining operations in Tanzania to Sky Associates Group Limited. The sale was approved by the company’s shareholders in December.

The miner has been unable to find a buyer for the Tanzanite Experience retail operations as a going concern.

“Following an assessment of the viability of TEE going forward without the support of direct mine supply we have taken the decision to sell all inventory and close the retail operations in Tanzania. The decision forms part of our strategy to complete the sale of our Tanzania operations and focus on the commissioning of our blue and colored sapphire mine in Queensland Australia,” said CEO Bernard Olivier.

“Richland is strongly committed to the certificated gemstone model and we look to applying our expertise in colored gemstone mining to our sapphire assets during 2015.”