Shefa Gems (LON:SEFA) released its half year report on Thursday pointing to significant progress in the testing of their gem mines in Northern Israel.
The London-listed company is in the developmental stage of it’s gem stone mining operations and gave a positive update on its progress.
Shefa has conducted a technical economic evaluation report for their Kishon Mid-Reach project that judged the mine to have an 11-year life with a capital expenditure of between $11.3 – $7.5 million.
The report paves the way to trial mining in 2020 depending permission from the Ministry of Energy Natural Resources Administration Israel.
The company is pursuing a ‘mine-to-market’ strategy through an exclusive range of jewellery with designer Yossi Harari.
On a financial perspective, the company has recently completed a £1 million placing to fund the development of its mining assets.
Avi Taub, CEO of Shefa Gems, commented:
“The first half of the year been very successful for Shefa Gems as we have accomplished many of our goals. These include completing the TEE report, receiving official recognition on a new mineral in nature named Carmeltazite, discovered by Shefa Gems, and found in its gemstone, the Carmel Sapphire™, discovery of the first naturally occurring Vanadium metal hydride, receiving an independent valuation of our precious stones, and concluding the bulk sampling in Kishon Mid-Reach Zone 2.”
“These achievements have put us in a strong position to advance with our target milestones for the rest of the year and beyond. In particular, we are focused on securing a mining license for Kishon Mid-Reach Zone 1 which will enable us to commence trial mining during 2020 and consequently begin producing revenue.
“Alongside our exploration activities we plan to develop our ‘Mine to Market’ strategy which entails creating unique pieces of jewellery with Shefa Gems’ precious and rare gemstones which will be marketed worldwide. We are busy developing additional marketing channels which underscores the unique assemblage of precious stones in the land of Israel.”